Applied Digital Finalizes Additional 150MW Lease with CoreWeave in North Dakota

Core Insights - Applied Digital has finalized a new lease agreement with CoreWeave for an additional 150MW at the Polaris Forge 1 Campus, increasing total critical IT capacity to 400MW [1][2] - The total anticipated contracted lease revenue for Applied Digital is approximately $11 billion, which includes $7 billion from two initial leases executed in May [1][2] - The Polaris Forge 1 Campus is designed to scale up to 1 gigawatt and aims to harness renewable power while optimizing total cost of ownership, estimated to save $2.7 billion over 30 years [4] Lease Agreement Details - The new lease agreement will support CoreWeave's AI and high-performance computing initiatives and is expected to be operational by 2027 [2][3] - The first 100MW data center is scheduled for service in Q4 of 2025, while a second 150MW data center is under construction and expected to be operational by mid-2026 [3] Strategic Importance - The lease agreement reinforces North Dakota's role in the digital economy and positions it as a strategic destination for AI infrastructure [3] - Applied Digital aims to transform overlooked regions into innovation hubs through the development of purpose-driven AI factory campuses [5] Company Overview - Applied Digital, founded in 2021 and headquartered in Dallas, designs and operates high-performance, sustainably engineered data centers for AI, cloud, and blockchain workloads [6] - The company has been recognized as the Best Data Center in the Americas for 2025 by Datacloud [6]