Overview
- Applied Digital’s first 100‑megawatt AI facility at the Polaris Forge 1 campus is now Ready for Service, providing proof of execution on its buildout plans.
- Forbes reports the company expanded its CoreWeave agreement by 150 MW at Polaris Forge 1, lifting total contracted revenue tied to long‑term leases to roughly $11 billion.
- The stock rose about 22% over the past five sessions and is up roughly fourfold year to date, placing the valuation near $9 billion and about 33 times forward revenue.
- Polaris Forge 2 is described as a $3 billion, 280‑MW campus under development that is projected to begin operations in early 2027.
- Management cites surging AI power needs and is targeting $1 billion in net operating income over five years, as Deloitte forecasts U.S. AI data centers to consume more than 100 gigawatts by 2035.