Applied Digital (APLD) announced that it has entered into a lease agreement with a U.S. Based Investment Grade Hyperscaler at its state-of-the-art, purpose-built Polaris Forge 2 Campus currently under construction near Harwood, North Dakota. This lease represents approximately $5 billion in total contracted revenue over an estimated 15-year lease term and covers 200 megawatts of critical IT load purpose-built to support the Hyperscaler’s artificial intelligence and high-performance compute, HPC, infrastructure. The Hyperscaler also holds a first right of refusal for an additional 800 MW of critical IT, representing the full expansion potential of the 1-gigawatt Polaris Forge 2 Campus. With this agreement, Applied Digital’s total leased capacity with two of the world’s largest hyperscalers across its Polaris Forge 1 and Polaris Forge 2 campuses in North Dakota has now reached 600 MW, reinforcing the company’s position as one of the fastest-scaling builders of AI infrastructure in the United States.
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