Applied Digital leases 300 MW at its Polaris Forge 3 campus to an unnamed hyperscaler for about 15 years, about $7.5B
Signed · announced 20 May 2026 · the week to 22 May 2026
- Size
- $7.5B
- Power
- 300 MW
- Term
- 15 years
Approximately $7.5B of base-term contracted revenue; up to approximately $18.2B if all renewal options are exercised
The parties
- Applied Digitalcompany pageLandlord
- Undisclosed hyperscalerTenant
The source
Applied Digital press release, 2026-05-20Company press release
Announced 20 May 2026 after the close, by press release on Applied Digital's investor site. 15-year take-or-pay leases covering 300 MW of critical IT load at Polaris Forge 3, Applied Digital's fourth campus, in a northern state, supported by about 430 MW of grid-connected utility power. The tenant is the same U.S.-based high investment-grade hyperscaler that signed Delta Forge 1 in April 2026; not named. Initial operations anticipated to commence in August 2027. With this lease Applied Digital stated about $31B of contracted base-term lease revenue across four campuses (about $73B with renewals).
The same parties, other deals
- Applied Digital signs a 15-year power purchase agreement with Base Electron for a planned 1,200 MW gas plant in Center, North Dakotaundisclosed · 7 Oct 2026
- Applied Digital leases all 210 MW of its Delta Forge 2 campus to an unnamed hyperscaler for about 15 years, about $5.2B$5.2B · 8 Jun 2026
- Applied Digital leases 300 MW at its Delta Forge 1 campus in Louisiana to an unnamed hyperscaler for about 15 years, about $7.5B$7.5B · 23 Apr 2026
- CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7B$7B · 2 Jun 2025