Applied Digital Corporation announced it has entered into a lease agreement with a U.S.-based investment grade hyperscaler for its Polaris Forge 2 Campus, currently under construction near Harwood, North Dakota.
Applied Digital shares jumped 6% on the news.
The agreement represents approximately $5 billion in total contracted revenue over an estimated 15-year lease term and covers 200 megawatts of critical IT load designed to support artificial intelligence and high-performance computing infrastructure.
The hyperscaler also holds a first right of refusal for an additional 800 megawatts, representing the full expansion potential of the 1-gigawatt campus. With this agreement, Applied Digital's total leased capacity with two major hyperscalers across its North Dakota campuses has reached 600 megawatts.