Applied Digital has signed a 15-year, $5 billion lease agreement with a U.S.-based investment-grade hyperscaler to deliver 200 MW of critical IT capacity at its new Polaris Forge 2 campus near Harwood, North Dakota. The deal, one of the largest single hyperscale data center leases in the country, positions Applied Digital as a key AI infrastructure provider for high-performance compute workloads. The hyperscaler also holds a right of first refusal for an additional 800 MW, potentially expanding total capacity to 1 GW at the site.
With the new agreement, Applied Digital now has 600 MW of total leased capacity across its Polaris Forge 1 and 2 campuses, both serving two of the world’s largest hyperscalers. Polaris Forge 2 spans over 900 acres and features a projected power usage effectiveness (PUE) of 1.18 and near-zero water consumption. The first 200 MW will come online in phases beginning in 2026, with full build-out expected in 2027. The facility integrates Applied Digital’s proprietary liquid-cooled architecture and power-dense design aimed at maximizing efficiency for AI and HPC workloads.
The announcement builds on Applied Digital’s rapid growth trajectory, following its recent 150 MW lease with CoreWeave at Polaris Forge 1 and a $5 billion infrastructure financing deal with Macquarie Asset Management. Headquartered in Dallas, the company was recently ranked No. 1 on the Dallas Business Journal’s Fast 50 list.
• $5 billion, 15-year lease with U.S. hyperscaler for 200 MW of AI capacity
• Right of first refusal for an additional 800 MW at Polaris Forge 2
• 600 MW total leased across Polaris Forge 1 & 2 in North Dakota
• PUE of 1.18, near-zero water consumption, and liquid cooling architecture
• Initial capacity online in 2026, full 200 MW in 2027
“Our AI Factories are redefining how and where hyperscale infrastructure gets built,” said Wes Cummins, Chairman and CEO of Applied Digital. “We’re demonstrating that the next chapter of AI computing can be powered from the heartland — built responsibly, delivered quickly, and designed for the Intelligence Era.”
🌐 Analysis: Applied Digital’s $5 billion lease marks a major milestone in the geographic diversification of U.S. hyperscale buildouts, with North Dakota emerging as a new hub for AI infrastructure due to its low energy costs and favorable climate. The deal follows a wave of hyperscaler investments in AI-optimized campuses, including CoreWeave’s multi-site expansion and Meta’s data center JV with Blue Owl Capital. Applied’s rapid scaling and strong financing partnerships position it among the top challengers in the AI data center development race.
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