Applied Digital said Tuesday it signed a long-term lease tied to Polaris Forge 3, its fourth AI Factory campus, extending a relationship with the same U.S.-based high investment-grade hyperscaler that first came together at Delta Forge 1 in April 2026. The deal, announced on May 20, 2026, covers 300 MW of critical IT load at the northern-state site and is expected to help the company keep scaling its AI infrastructure business.
The leases linked to Polaris Forge 3 carry about $7.5 billion in total contracted value over an estimated 15-year take-or-pay term, with total potential value reaching as much as $18.2 billion if renewal options are exercised. Polaris Forge 3 sits on more than 600 acres and is backed by roughly 430 MW of grid-connected utility power, with initial operations expected to begin in August 2027.
The new agreement matters because it gives Applied Digital another large customer commitment at a time when the company is trying to turn a fast-growing pipeline of power and land into durable revenue. In the past eleven months, the company said it has executed leases representing 1.2 GW, and it is now actively marketing more than 1.7 GW of grid-connected utility power across recent and existing sites.
Applied Digital said the Polaris Forge 3 deal builds on the model it has already used at Polaris Forge 1, Polaris Forge 2 and Delta Forge 1, where it has focused on large-scale AI Factory campuses designed for hyperscale compute demand. The company said the new lease helped it move past 1 GW of contracted capacity, a threshold that underscores how quickly its pipeline has filled as big cloud and AI customers keep locking in power and space.
Wes Cummins said Polaris Forge 3 is a direct extension of the company’s disciplined, repeatable AI Factory model and described the second 300 MW lease with the same customer as evidence of confidence in Applied Digital’s execution. He also said the company has earned a seat at the table with blue-chip customers and intends to keep it through flawless execution and long-term operational reliability, adding that momentum continues to build for the company.
For Apld stock, the headline is not just the size of the contract but the pattern behind it. Applied Digital has now tied multiple campuses to a single high-investment-grade hyperscaler, and that kind of repeat business can matter more than any one announcement because it suggests the company is not merely selling capacity once, but building a platform customers are willing to return to. The next milestone is whether management can turn that contracted power into the August 2027 start of operations on schedule.
