Applied Digital Brings 75 MW Online at Polaris Forge 1, Lifting Ellendale Campus to 250 MW

Applied Digital Corporation (NASDAQ: APLD) announced Oct. 2 that it has brought an additional 75 MW of critical IT load into service at its Polaris Forge 1 campus in Ellendale, North Dakota, lifting the campus's fully operational capacity to 250 MW. Wes Cummins, the company's chairman and chief executive officer, said the milestone demonstrates the firm's ability to convert large-scale power into operating AI infrastructure.

The Dallas-based data center developer said it achieved Ready for Service for the second phase of Building 2, which consists of three 25 MW data halls. The delivery completes Building 2's full 150 MW of critical IT load. The fully leased campus is contracted to deliver 400 MW of critical IT load at full buildout.

Polaris Forge 1 Phasing and Capacity

The latest delivery follows the first 100 MW building at Polaris Forge 1 and the initial 75 MW phase of Building 2. Together, those phases account for the 250 MW now operating at the campus: the 100 MW first building plus Building 2's completed 150 MW.

With 250 MW operational, the campus has reached 62.5% of its contracted 400 MW. The remaining 150 MW is still to be delivered. The company previously described a third 150 MW facility at the campus as anticipated for 2027.

Applied Digital reports capacity in critical IT megawatts rather than rentable square feet. The company describes Polaris Forge 1 as an AI Factory campus built for artificial intelligence, machine learning and other accelerated-compute workloads.

Wes Cummins on Turning Power Into Capacity

"Bringing another 75 MW of AI infrastructure online at Polaris Forge 1 further demonstrates our ability to turn large-scale power into operational AI infrastructure," Cummins said. "Securing power is only the starting point. The real work is designing, building, commissioning, and operating the infrastructure that transforms those megawatts into usable capacity for customers. That is the capability we continue to scale across our platform."

The company said Polaris Forge 1 reflects a repeatable approach to developing and operating large-scale infrastructure purpose-built for advanced AI and high-performance computing (HPC) workloads.

Leasing and Revenue Context

Applied Digital previously announced an additional 150 MW lease with CoreWeave at Polaris Forge 1, which made the campus fully leased and brought anticipated contracted lease revenue to approximately $11 billion. That figure included approximately $7 billion from two initial leases with terms of roughly 15 years.

The company's reported results reflect the shift from development to commissioning and tenant deployment. Applied Digital reported fiscal first-quarter 2026 revenue of $64.2 million, up from $34.8 million a year earlier, with a net loss attributable to common stockholders of $27.8 million, or $0.11 per share. Fiscal second-quarter 2026 revenue was $126.6 million, compared with $36.2 million in the prior-year period. About $85 million of that increase came from HPC Hosting, including approximately $73 million tied to tenant fit-out services and $12 million in rental revenue as the ELN-02 facility at Polaris Forge 1 became fully energized.

The company also reported fiscal fourth-quarter 2026 net operating income of $39.9 million, a non-GAAP measure.

Ellendale Operations and Broader Footprint

Applied Digital has operated in Ellendale since 2021 and said it has built relationships with local leaders, partners and community stakeholders there. The company said it remains focused on responsible development, local partnership and creating long-term value in the communities where it builds.

Separately, the company previously reported that a 106 MW facility in Jamestown, North Dakota, and a 180 MW facility in Ellendale were operating at full capacity as of Nov. 30, 2025. Those facilities are distinct from the 250 MW of operational HPC capacity at Polaris Forge 1.

Market Context

The announcement comes amid intense competition for large-scale AI data center capacity, where power availability, interconnection timing, equipment procurement, construction execution and access to capital are key constraints. Applied Digital's model generates both recurring lease revenue and near-term tenant fit-out revenue, a structure that can also raise execution and financing requirements.

The company's forward-looking statements cite risks including its ability to complete construction of its data center campuses as planned, raise additional capital, obtain financing for datacenter leases, and depend on principal customers. Applied Digital also noted that changes to artificial intelligence and HPC infrastructure needs could affect future plans.

Applied Digital was founded in 2021 and is headquartered in Dallas. It describes its business as designing, building and operating data centers and colocation services for artificial intelligence, cloud, networking and blockchain workloads.

Sources

Applied Digital press release, Oct. 2, 2026: https://ir.applieddigital.com/news-events/press-releases/detail/161/applied-digital-brings-an-additional-75-mw-of-ai