Applied Digital finalizes 150MW lease expansion with CoreWeave

Applied Digital Corporation (NASDAQ: APLD) announced it has completed a new lease agreement with CoreWeave for an additional 150 megawatts at its Polaris Forge 1 Campus in Ellendale, North Dakota.

The agreement brings Applied Digital's total anticipated contracted lease revenue to approximately $11 billion, including $7 billion from two initial 15-year leases executed in May 2025. The three long-term lease agreements now encompass 400MW of critical IT capacity across the campus.

The additional 150MW data center will be housed in a third building currently in planning stages, with full capacity expected by 2027. Under the initial May agreements, the first 100MW data center is scheduled for service in the fourth quarter of 2025, while a second 150MW facility is under construction and expected to become operational in mid-2026.

"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 Polaris Forge 1 Campus is designed to scale up to 1 gigawatt over time and utilizes renewable power sources and North Dakota's climate conditions. Applied Digital estimates this approach will result in $2.7 billion in savings over a 30-year lifespan compared to traditional data center operations.

Applied Digital, founded in 2021 and headquartered in Dallas, designs and operates data centers for artificial intelligence, cloud, networking, and blockchain applications.

You May Also Be Interested In