Applied Digital announces $5B AI factory lease with hyperscaler at Polaris Forge 2 campus

* Applied Digital (NASDAQ:APLD [https://seekingalpha.com/symbol/APLD]) said on Wednesday that it has entered into a lease agreement [https://seekingalpha.com/pr/20275140-applied-digital-announces-5-billion-ai-factory-lease-with-u-s-based-investment-grade]with a U.S.-based investment-grade hyperscaler at its purpose-built Polaris Forge 2 Campus currently under construction near Harwood, North Dakota.
* This lease represents approximately $5B in total contracted revenue over an estimated 15-year lease term and covers 200 megawatts of critical IT load purpose-built to support the Hyperscaler’s artificial intelligence and high-performance compute infrastructure.
* The hyperscaler also holds a first right of refusal for an additional 800 MW of critical IT, representing the full expansion potential of the 1-gigawatt Polaris Forge 2 Campus.
* With this agreement, Applied Digital’s total leased capacity with two of the world’s largest hyperscalers across its Polaris Forge 1 and Polaris Forge 2 campuses in North Dakota has now reached 600 MW.
* Applied Digital (NASDAQ:APLD [https://seekingalpha.com/symbol/APLD]) shares were up more than 3% in premarket trading.

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