Benzinga·2025-10-10 16:57Core Insights - Applied Digital Corp has expanded its long-term lease with CoreWeave Inc to 400 megawatts, with a total contract value of approximately $11 billion [1] - The company currently has 700 megawatts under construction and has significantly reduced its construction timeline to 12-14 months from 24 months [2] - The expansion includes additional capacity at the Polaris Forge campus, with the next phase expected to be operational by late 2026 and full scale by 2027 [3] Revenue and Growth Potential - The CoreWeave deal is anticipated to provide a stable base of recurring revenue, supporting roughly half a billion dollars in annual net operating income [4] - The company aims to achieve a net operating income run rate of $1 billion within five years [5] Market Opportunities - The company is experiencing a surge in power opportunities, with over 50 different sites being explored for power and land acquisition [4]