Why it matters
The strategic read
Adds another named Applied Digital AI Factory lease at true hyperscale size, taking its contracted platform above 1 GW of critical IT load. The deal also shows investment-grade hyperscalers repeatedly reserving 300 MW-class AI campuses before final site details and customer identities are public.
Source-supported terms
What was disclosed
- 01
Applied Digital announced a long-term lease agreement with the same U.S.-based high investment-grade hyperscaler that previously signed at Delta Forge 1.
- 02
The lease covers Polaris Forge 3, the company’s fourth AI Factory campus, located in an undisclosed northern state.
- 03
Polaris Forge 3 is designed to deliver 300 MW of critical IT load and is supported by approximately 430 MW of grid-connected utility power.
- 04
The 15-year take-or-pay leases are valued at approximately $7.5B in base-term contracted revenue and up to approximately $18.2B if all options are exercised.
- 05
Applied Digital says total contracted capacity across four AI Factory campuses now reaches 1,200 MW of critical IT load and approximately 1,670 MW of gross utility power.
- 06
The campus spans more than 600 acres and is designed around waterless cooling, high-density power delivery and advanced liquid-cooling architecture for large-scale AI training and inference workloads.
- 07
Initial operations at Polaris Forge 3 are anticipated to begin in August 2027.
Disclosure boundary
What is known—and what is not
Primary press release; customer identity, exact site, full lease agreement, power supply agreements, project financing, delivery milestones, service-level terms, option mechanics and construction contracts are not public.