Applied Digital Announces $5 Billion AI Factory Lease with U.S. Based Investment Grade Hyperscaler at Polaris Forge 2 ND Campus

Core Insights - Applied Digital has signed a 15-year lease agreement for 200 MW of IT capacity at the Polaris Forge 2 Campus, generating approximately $5 billion in total contracted revenue [1] - The total leased capacity across Polaris Forge 1 and Polaris Forge 2 has now reached 600 MW, positioning the company as a leading builder of AI infrastructure in the U.S. [2] Lease Agreement Details - The lease is with a U.S.-based investment-grade hyperscaler and is designed to support AI and high-performance computing infrastructure [1] - The hyperscaler has a first right of refusal for an additional 800 MW, indicating potential future expansion [1] Campus Specifications - Polaris Forge 2 spans over 900 acres and is engineered for efficiency with a projected Power Usage Effectiveness (PUE) of 1.18 and near-zero water consumption [3] - The initial 200 MW will be phased in two buildings, expected to come online in 2026 and reach full capacity by 2027 [3] Company Achievements - The announcement follows record growth, including a 150 MW lease with CoreWeave and a $5 billion partnership with Macquarie Asset Management [4] - Applied Digital was recognized as the top company in the Dallas Business Journal's Fast 50, highlighting its rapid expansion in digital infrastructure [4] Strategic Vision - The company emphasizes its ability to deliver large-scale data centers quickly and efficiently, reshaping the AI infrastructure landscape [3] - The CEO stated that the company's AI Factories are redefining hyperscale infrastructure development, focusing on responsible and rapid construction [5]