Applied Digital announced today that it has entered into a lease agreement with a U.S.-based, investment-grade hyperscaler at its state-of-the-art, purpose-built Polaris Forge 2 Campus currently under construction near Harwood, North Dakota. This lease represents approximately $5 billion in total contracted revenue over an estimated 15-year lease term and covers 200 megawatts (MW) of critical IT load purpose-built to support the Hyperscaler’s artificial intelligence (AI) and high-performance compute (HPC) infrastructure. The Hyperscaler also holds a first right of refusal for an additional 800 MW of critical IT, representing the full expansion potential of the 1-gigawatt (GW) Polaris Forge 2 Campus.
With this agreement, Applied Digital’s total leased capacity with two of the world’s largest hyperscalers across its Polaris Forge 1 and Polaris Forge 2 campuses in North Dakota has now reached 600 MW, reinforcing the company’s position as one of the fastest-scaling builders of AI infrastructure in the United States.
“What sets us apart isn’t just the size of our pipeline — it’s how fast we can deliver," said Wes Cummins, Chairman and CEO of Applied Digital. “The real constraint in this industry is execution, and our team continues to prove that large-scale, next-generation data centers can be designed, financed, and brought online faster and more efficiently than anyone thought possible. We believe Polaris Forge 2 builds on that momentum, reflecting the strength of our partnerships and the speed at which we’re reshaping the AI infrastructure landscape.”
Spanning more than 900 acres, Polaris Forge 2 is engineered to deliver best-in-class efficiency with a projected PUE of 1.18 and near-zero water consumption. The initial 200 MW are phased within two buildings expected to begin to come online in 2026 and reach a total of 200 MW in 2027, with the campus being designed for future expansion. The campus leverages Applied Digital’s proprietary design built for power density, liquid cooling and sustainable performance - hallmarks of the company’s Different by Design philosophy and its commitment to building responsibly in regions optimized for cost, climate and community impact.
This announcement follows a period of record-breaking growth and notable achievements for Applied Digital, including an additional 150MW lease with CoreWeave at its Polaris Forge 1 Campus, a $5.0 billion AI infrastructure partnership with Macquarie Asset Management, and several industry and community impact recognitions. Most recently, the company was ranked at the top of the Dallas Business Journal’s Fast 50, highlighting its rapid expansion and leadership in digital infrastructure. We believe these accomplishments, coupled with this announcement, reinforce Applied Digital’s momentum and underscore its position at the forefront of the AI and data center industries.
“Our AI Factories are redefining how and where hyperscale infrastructure gets built,” Cummins added. “We’re demonstrating that the next chapter of AI computing can be powered from the heartland - built responsibly, delivered quickly and designed for the Intelligence Era.”
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