Applied Digital Polaris Forge 1

Project Metrics

Ownership & Power

• Developer Applied Digital

Project Timeline

Data Confidence & Evidence

Verified Project

Analyst Notes

Capex null per rules: the headline '$11B' is contracted lease revenue ('brings Applied Digital's total anticipated contracted lease revenue to approximately $11B'), not construction capex. 400MW is critical IT load (leases ~15 years, first two signed May-June 2025). Applied Digital is also developing Polaris Forge 2 (Harwood, ND). First 50MW came online 2025; Building 1 Phase 1 ready-for-service achieved for CoreWeave.

Project Information

• Project Type HYPERSCALE CAMPUS
• Lifecycle Stage Commissioning
• Status PARTIALLY OPERATIONAL
• Country United States
• State / Region North Dakota (Dickey County)
• City Ellendale

Ownership

• Ticker APLD

Location