On 2025‑10‑22, Applied Digital announced a $5 billion, 15‑year lease agreement with a U.S. based investment‑grade hyperscaler for 200 MW of AI compute capacity at its Polaris Forge 2 campus near Harwood, North Dakota. The lease represents approximately $5 billion in total contracted revenue and covers 200 MW of critical IT load purpose‑built to support the hyperscaler’s artificial intelligence and high‑performance compute workloads. The agreement also grants the hyperscaler a first‑right of refusal for an additional 800 MW, allowing the facility to scale to a full gigawatt.
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