Applied Digital surpasses 1GW, agrees lease on Polaris Forge 3

Applied Digital has entered into a long-term lease agreement with the same US-based high investment-grade hyperscaler that previously signed at Delta Forge 1.

The agreement involves the company’s fourth AI Factory campus, Polaris Forge 3, that is designed to deliver 300 megawatts (MW) of critical IT load and is supported by roughly 430MW of grid-connected utility power. It also means Applied Digital has now surpassed one gigawatt (1GW) of contracted capacity, as it scales to support hyperscaler AI and HPC infrastructure needs.

A new 15-year take-or-pay lease now brings the total contracted baseline revenue to $31 billion – $73 billion if all renewal options are exercised, the company said.

“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 CEO of Applied Digital.

He added: “This second 300 MW lease with the same US-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. We’ve earned a seat at the table with blue-chip customers, and we intend to keep that position through flawless execution and long-term operational reliability.”

Including all renewal options, Applied Digital said the agreements carry a total potential value of up to $18.2 billion, which it said will strengthen the long-term revenue visibility of its portfolio.

It added that it seeks to solidify its position as the partner of choice for the world’s most demanding hyperscalers. Currently, Polaris Forge 3 represents Applied Digital’s second long-term lease with this US-based high investment-grade hyperscaler, further expanding the strategic relationship established at Delta Forge 1 in April 2026.

Polaris Forge 3 spans across 600 acres and is engineered specifically for high-density AI workloads. The campus has Applied Digital’s waterless cooling technology integrated, in addition to high-density power delivery and advanced liquid cooling architecture.

It follows the same AI Factory framework that powers Polaris Forge 1, Polaris Forge 2 and Delta Forge 1, extending the company’s strategy. Initial operations at Polaris Forge 3 are expected to commence in August 2027.

“Momentum continues to build for our company,” Cummins continued, “While executing leases representing 1.2GW in the past eleven months has been a monumental achievement, we are actively marketing more than 1.7GW of grid-connected utility power across sites recently added to our portfolio, as well as existing sites.”

Applied Digital breaks ground on AI Factory in US for ‘next stage of growth’

Applied Digital announces US$5bn AI Factory lease at North Dakota campus