Applied Digital Signs $5 Billion Lease for Polaris Forge 2 AI Campus

Oct 23, 2025
Applied Digital has secured a $5 billion, 15-year lease with a U.S.-based hyperscaler for 200 megawatts of capacity at its Polaris Forge 2 campus in North Dakota, expanding its total leased capacity in the state to 600 MW.

Applied Digital has signed a $5 billion lease agreement with a U.S.-based investment-grade hyperscaler for its new Polaris Forge 2 campus near Harwood, North Dakota, announced in a press release. The 15-year contract covers 200 megawatts (MW) of critical IT capacity to support artificial intelligence and high-performance computing workloads.

The agreement gives the hyperscaler a first right of refusal on an additional 800 MW, representing the full 1-gigawatt expansion potential of Polaris Forge 2. With this deal, Applied Digital’s total leased capacity across its North Dakota campuses—Polaris Forge 1 and 2—reaches 600 MW.

Polaris Forge 2 spans more than 900 acres and is designed for high efficiency, with a projected power usage effectiveness (PUE) of 1.18 and near-zero water consumption. The first two buildings will begin operations in 2026 and are expected to reach full capacity in 2027.

The announcement follows several major agreements for the company, including a 150 MW lease with CoreWeave at Polaris Forge 1 and a $5 billion infrastructure partnership with Macquarie Asset Management. These projects position Applied Digital among the fastest-growing AI data center developers in the United States.

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