Applied Digital Reaches Significant Milestone, Surpassing 1 GW of Contracted Capacity with U.S. Based High Investment-Grade Hyperscaler Lease at Fourth Campus, Polaris Forge 3

Applied Digital entered into a long-term lease agreement for its fourth AI Factory campus, Polaris Forge 3, with the same U.S.-based high investment-grade hyperscaler tied to Delta Forge 1. The deal adds contracted baseline revenue and expands the company’s overall contracted lease footprint across its AI Factory campuses.

The agreement covers a 15-year take-or-pay term and is valued at about $7.5 billion in base-term contracted revenue, with potential value of about $18.2 billion if all options are exercised. Across four AI Factory campuses, Applied Digital said contracted lease revenue totals $31 billion and rises to $73 billion if all renewal options are exercised.

Polaris Forge 3 is located in a northern state and is designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power. Applied Digital said its total contracted capacity across four AI Factory campuses reached 1,200 MW of critical IT load (net) and about 1,670 MW of utility power (gross).

Applied Digital said the 300 MW leases represent the fourth AI Factory campus under the agreement, and that Polaris Forge 3 spans more than 600 acres. The company said initial operations are anticipated to commence in August 2027 and that the campus integrates its waterless cooling technology, high-density power delivery, and advanced liquid-cooling architecture.

“Polaris Forge 3 is a direct extension of what we’ve proven works: a disciplined, repeatable AI Factory model that delivers large-scale capacity to the world’s most demanding compute customers,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “This second 300 MW lease with the same U.S. based high investment-grade hyperscaler we partnered with at Delta Forge 1 reflects the confidence we’ve built through disciplined execution and our ability to consistently advance large-scale AI infrastructure projects.”