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Oct 22, 2025 12:00 PM

Applied Digital's Polaris Forge 2 Campus Secures 15-Year, $5 Billion Contract

Applied Digital Corporation (NASDAQ:APLD) shares are trading higher on Wednesday after the company signed a lease with a U.S.-based investment-grade hyperscaler for its Polaris Forge 2 Campus.

The campus is currently being built near Harwood, North Dakota.

Details

The deal represents roughly $5 billion in total contracted revenue over an anticipated 15-year term.

Spanning over 900 acres, Polaris Forge 2 is designed for high efficiency, targeting a PUE of 1.18 with near-zero water use.

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The agreement covers 200 megawatts (MW) of critical IT capacity designed to support ...