Applied Digital, data-center operator, has announced a $5 billion lease agreement with an unnamed U.S. hyperscaler for 200 megawatts of AI infrastructure at its North Dakota campus.
The approximately 15-year agreement targets Applied Digital’s Polaris Forge 2 facility near Harwood. It brings the company’s total leased capacity across two North Dakota campuses to 600 MW with two hyperscalers, one disclosed (CoreWeave) and one undisclosed.
CEO Wes Cummins told CNBC the tenant pool includes Microsoft, Meta, Oracle, Amazon and Google. He couldn’t name the latest partner due to confidentiality terms. Earlier this year, the company added 150 MW to its CoreWeave lease agreement.
The hyperscaler holds first refusal rights on an additional 800 MW, the full expansion potential of the 1-gigawatt campus. Initial phases begin coming online in 2026, reaching full 200 MW capacity in 2027.
Applied Digital’s shares have still soared over 325% this year, fueled by investor bets on AI infrastructure demand. The campus promises a projected 1.18 power usage effectiveness rating with near-zero water consumption, according to the company statement.
