Applied Digital (NASDAQ:APLD) shares rose 2.1% following the announcement of an expanded lease agreement with CoreWeave, adding 150MW at its Polaris Forge 1 Campus in North Dakota.
With this new lease, Applied Digital’s total expected contracted lease revenue reaches roughly $11 billion, which includes $7 billion from two leases finalized in May. Combined, the three long-term agreements will provide 400MW of critical IT capacity across the Polaris Forge 1 Campus in Ellendale, North Dakota.
“This new lease agreement with CoreWeave underpins our commitment to building the next generation of AI infrastructure right here in America’s heartland,” said Wes Cummins, Chairman and CEO of Applied Digital.
The additional 150MW capacity will be housed in the campus’s third building, currently in the planning phase. The facility is expected to be fully operational by 2027. According to the May agreements, the first 100MW building is slated to open in Q4 2025, and the second 150MW facility is under construction, with completion anticipated by mid-2026.
The Polaris Forge 1 Campus is designed for eventual expansion up to 1 gigawatt and leverages North Dakota’s cool climate to optimize sustainability and operational costs while utilizing renewable energy. The company estimates this approach could save approximately $2.7 billion over the campus’s 30-year lifecycle.
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