Applied Digital Secures $7.5B Lease for 300 MW Polaris Forge 3, Total Capacity 1.2 GW
Applied Digital signed a 15-year take-or-pay lease for its Polaris Forge 3 campus, adding 300 MW critical IT load and securing $7.5 billion in base-term revenue, raising total contracted baseline revenue to $31 billion ($73 billion including renewal options). This deal pushes its total contracted capacity to 1.2 GW across four AI Factory campuses.
1. Lease Agreement for Polaris Forge 3
Applied Digital entered a 15-year take-or-pay lease with a U.S. investment-grade hyperscaler at its Polaris Forge 3 campus, securing 300 MW of critical IT load supported by approximately 430 MW of grid-connected utility power.
2. Revenue and Capacity Milestones
The agreement adds $7.5 billion in base-term contracted revenue, lifting total contracted baseline revenue to $31 billion and up to $73 billion if all lease renewal options are exercised; contracted capacity across four AI Factory campuses now totals 1.2 GW of critical IT load.
3. Strategic Impact and Timeline
This marks the second 300 MW lease with the same hyperscaler, reinforcing Applied Digital’s repeatable AI Factory model and strategic partnership; initial operations at Polaris Forge 3 are scheduled to begin in August 2027.