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Applied Digital has signed a lease with a US investment‑grade hyperscaler for roughly $5 billion of contracted revenue over an estimated 15‑year term, covering 200 megawatts (MW) of critical IT capacity at its Polaris Forge 2 campus near Harwood, North Dakota.
The agreement, announced on 22 October 2025, phases the initial 200MW across two buildings that are expected to begin coming online in 2026 and reach full commissioning in 2027. The hyperscaler holds a first right of refusal on an additional 800MW — the remainder of the campus’ 1 gigawatt (GW) build‑out — giving Applied Digital potential to scale the site substantially if demand materialises.
With this deal, Applied Digital says its total leased capacity in North Dakota with two major global hyperscalers across Polaris Forge 1 and 2 reaches 600MW. The company has promoted the project’s design and sustainability metrics, stating Polaris Forge 2 is engineered for a projected power usage effectiveness (PUE) of 1.18 and “near‑zero water consumption,” and built for high power density and liquid cooling.
Wes Cummins, Applied Digital chairman and chief executive, said: “What sets us apart isn’t just the size of our pipeline – it’s how fast we can deliver. The real constraint in this industry is execution, and our team continues to prove that large‑scale, next‑generation data centers can be designed, financed, and brought online faster and more efficiently than anyone thought possible.”
The lease follows a string of recent transactions for Applied Digital, including a 150MW lease with CoreWeave at Polaris Forge 1 and a previously announced $5bn partnership with Macquarie Asset Management. The company has also been highlighted in industry rankings for rapid growth.
Industry observers say the deal underlines continued hyperscaler appetite for purpose‑built, inland sites that offer grid capacity and cooler climates for high‑density AI and high‑performance compute workloads. Questions remain about execution risks — including permitting, financing and construction timelines — and how quickly additional capacity can be monetised if the tenant exercises expansion rights.
For B2B buyers and suppliers in the data‑centre ecosystem, the transaction signals ongoing demand for specialised AI infrastructure and opportunities in power, cooling and construction services as hyperscalers shift more of their build‑out into large, modular campuses outside traditional coastal markets.
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