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Home/Deal Room/Applied Digital lands $5B Polaris Forge 2 hyperscaler lease

Data centers · Evidence brief

Applied Digital lands $5B Polaris Forge 2 hyperscaler lease

Applied Digital + unnamed investment-grade hyperscaler

Primary sourcePress release only2025-10-22
Deal structureAI factory lease / hyperscale data-center capacity
GeographyHarwood, North Dakota
Infrastructure layersData centers + cloud capacity + power
Disclosed scale200 MW critical IT load over about 15 years; roughly $5B contracted revenue; ROFR for additional 800 MW

Why it matters

The strategic read

Confirms Applied Digital’s North Dakota platform is no longer just a CoreWeave story: a second major hyperscaler is reserving AI-factory scale capacity with an option on the full 1 GW campus.

Source-supported terms

What was disclosed

  1. 01

    Applied Digital announced an approximately 15-year lease for 200 MW of critical IT load at Polaris Forge 2.

  2. 02

    The lease represents about $5B of contracted revenue.

  3. 03

    The hyperscaler holds a right of first refusal for an additional 800 MW, matching the 1 GW campus expansion potential.

  4. 04

    The initial 200 MW are expected to phase online during 2026 and 2027.

Disclosure boundary

What is known—and what is not

Signed lease announced publicly; customer identity, detailed pricing, power contract and full lease terms are not public.