Applied Digital signed a 15-year take-or-pay lease for its fourth AI Factory campus, Polaris Forge 3, with a U.S.-based investment-grade hyperscaler. The agreement covers 300 megawatts of critical IT load and is supported by about 430 megawatts of grid-connected utility power. The lease has an estimated base-term value of about $7.5 billion and could reach up to $18.2 billion with renewal options. The deal increases total contracted lease revenue to $31 billion across four AI Factory campuses, or $73 billion including renewals. Contracted critical IT load totals 1,200 MW net, with about 1,670 MW gross utility power, and about 65% of contracted revenue is backed by investment-grade hyperscalers. Polaris Forge 3 is scheduled to begin operations in August 2027.
"Applied Digital has signed a 15-year, take-or-pay lease at its fourth artificial intelligence (AI) Factory campus, Polaris Forge 3, with the same U.S.-based investment-grade hyperscaler that signed at Delta Forge 1 in April 2026."
"The deal covers 300 megawatts of critical IT load at Polaris Forge 3, a campus located in a northern state and supported by approximately 430 MW of grid-connected utility power. The lease carries a base-term value of approximately $7.5 billion and up to $18.2 billion if all renewal options are exercised."
"The release details that the agreement brings Applied Digitals total contracted lease revenue to $31 billion across four AI Factory campuses, or $73 billion including all renewal options. Total contracted critical IT load now stands at 1,200 MW net, with approximately 1,670 MW of gross utility power. About 65% of that contracted revenue is backed by U.S.-based investment-grade hyperscalers."
"Polaris Forge 3 is set to begin operations in August 2027, with APLD actively marketing 1.7 GW of additional power. Applied Digital Corp. (Nasdaq: APLD), the Dallas-based artificial intelligence (AI) infrastructure provider, bitcoin miner and data center developer, announced the agreement May 20, 2026."
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