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Applied Digital Reaches Significant Milestone, Surpassing 1 GW of Contracted Capacity with U.S. Based High Investment-Grade Hyperscaler Lease at Fourth Campus, Polaris Forge 3
DALLAS, May 20, 2026 (GLOBE NEWSWIRE) — Applied Digital (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced it has entered into a long-term lease agreement with the same U.S. based high investment-grade hyperscaler that previously signed at Delta Forge 1. The agreement is for the Company’s fourth AI Factory campus, Polaris Forge 3, located in a northern state and designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power.
The leases represent approximately $7.5 billion in total contracted value over an estimated 15-year take-or-pay term and are designed to deliver 300 megawatts (MW) of critical IT load to support the hyperscaler's artificial intelligence (AI) and high-performance compute (HPC) infrastructure needs at scale. Including all renewal options, the agreements carry a total potential value of up to approximately $18.2 billion, which we believe further strengthens the long-term revenue visibility of Applied Digital's portfolio.
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Applied Digital, Viasat, CECO Environmental, and HNI Shares Plummet, What You Need To Know
A number of stocks fell in the afternoon session after investors reacted to a cocktail of negative macroeconomic news, including surging oil prices and rising Treasury yields.
The 10-year Treasury note yield jumped to 4.56%, a one-year high, fueling concerns about inflation and potential interest rate hikes. Compounding these worries, WTI crude oil prices rose to around $104 per barrel amid geopolitical tensions.
The market sentiment was also dampened by a general disappointment that the recent summit between President Trump and Chinese President Xi ended without any major agreements. This combination of factors led to a broad-based sell-off, pulling major indices like the S&P 500 and Nasdaq down from their recent record highs.
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