Applied Digital (NASDAQ:APLD) saw its stock surge 17% following news of plans to develop a $3 billion AI computing campus in North Dakota, aiming to expand capacity to meet rising demand for AI processing power.
Construction on the Polaris Forge 2 facility, a 280-megawatt AI Factory near Harwood, North Dakota, is slated to begin in September 2025. The site is designed to scale beyond its initial power allocation, with operations expected to start in 2026 and full capacity anticipated by early 2027.
The expansion complements Applied Digital’s existing Polaris Forge 1 facility in Ellendale, North Dakota. The company has secured more than 900 acres for the new campus and power supply through Cass County Electric Cooperative. Once fully operational, the project is projected to generate over 200 full-time jobs.
CEO Wes Cummins highlighted that the company is in “advanced negotiations with a U.S. based investment-grade hyperscaler” for the campus, indicating that potential client agreements are already underway. The move comes as demand for AI computing infrastructure continues to grow among hyperscalers, enterprises, and research institutions.
Applied Digital specializes in designing and operating data centers tailored for AI, cloud, and blockchain workloads. The company employs proprietary waterless cooling technology and emphasizes creating economic opportunities in underserved communities.
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