Applied Digital eneters $5 billion lease with hyperscaler at Polaris Forge 2 in North Dakota

Approximate 15-Year Lease Agreement to Deliver 200 Megawatt (MW) of Critical IT Capacity at Polaris Forge 2, Bringing the Company’s Total Leased Capacity Across North Dakota, With Two of the Largest Global Hyperscalers, to 600 MW

Applied Digital has entered into a 15-year lease agreement with a U.S. based investment-grade hyperscaler for 200 megawatts (MW) of IT capacity at the Polaris Forge 2 Campus near Harwood, North Dakota. The deal is projected to generate approximately $5 billion in total contracted revenue over the lease term, focusing on infrastructure for Artificial Intelligence (AI) and High performance computing (HPC). The hyperscaler also secured a first right of refusal for an additional 800 MW, facilitating future expansion at the Polaris Forge 2 site, which is being developed for a total capacity of 1 gigawatt (GW).

This agreement raises Applied Digital’s total leased capacity with two major hyperscalers to 600 MW across its Polaris Forge campuses in North Dakota, underscoring the company's growth in AI infrastructure. Wes Cummins, Chairman and CEO of Applied Digital, noted, “What sets us apart isn’t just the size of our pipeline - it’s how fast we can deliver.” He emphasized the importance of execution in the data center industry.

Polaris Forge 2, spanning over 900 acres, is designed for efficiency with a projected Power Usage Effectiveness (PUE) of 1.18 and minimal water consumption. The build-out of the initial 200 MW will occur across two buildings, anticipated to come online in 2026, achieving full capacity by 2027. The project utilizes proprietary designs, focusing on power density, liquid cooling, and sustainable performance.

This announcement follows a period of growth for Applied Digital, which recently secured a 150 MW lease with CoreWeave and established a partnership worth $5 billion with Macquarie Asset Management. The company has received recognition for its expansion and standing in the digital infrastructure sector, including being listed among the top companies by the Dallas Business Journal.