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yesterday

Applied Digital Secures 15-Year, ~$5 Billion, 200 MW Lease at Polaris Forge 2 With U.S. Hyperscaler

The customer secured first refusal on another 800 MW to position Polaris Forge 2 for a full one‑gigawatt build‑out.

Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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Overview

  • The agreement lifts Applied Digital’s contracted capacity in North Dakota to 600 MW across two hyperscalers.
  • The initial 200 MW will be delivered in two buildings starting in 2026 and reaching full capacity in 2027.
  • Shares rose about 7% on the announcement, according to same-day trading reports.
  • Polaris Forge 2 is designed for a projected PUE of about 1.18 with near‑zero water use on a site spanning more than 900 acres.
  • Recent moves include a long-term lease with CoreWeave at Polaris Forge 1, which management says now totals 400 MW.