Applied Digital Secures Up to 1 GW of Potential Power Capacity in Finland for First International Data Center Campus

Applied Digital Corporation (NASDAQ: APLD) announced on Oct. 6, 2026, that it has entered into an agreement providing access to up to 1 gigawatt (GW) of potential power capacity in Finland, marking the Dallas-based data center developer's first development opportunity outside the United States.

The company plans to build a large-scale AI Factory campus capable of scaling to as much as 1 GW. Initial power availability is anticipated beginning in 2028. Applied Digital has begun marketing the site and is in discussions with global hyperscale customers, the company said.

Applied Digital's Finland AI Factory Campus Plan

Applied Digital describes itself as a designer, developer, owner and operator of large-scale, purpose-built data centers supporting high-performance computing (HPC) workloads, including artificial intelligence (AI), machine learning and other accelerated-compute applications. The Finland campus represents the first potential application of its AI Factory campus development model outside the U.S.

The announcement describes potential power access rather than operational or under-construction capacity. The company said it intends to advance the project in a disciplined manner, with future investment and development decisions tied to customer demand, commercial milestones and the achievement of necessary regulatory and development requirements. The agreement was structured to provide long-term growth potential while limiting the company's initial exposure and maintaining disciplined capital deployment, according to the company.

Wes Cummins on Strategy and Site Selection

"Applied Digital has built its platform around identifying the right power in the right markets and turning that power into operational AI capacity," said Wes Cummins, Chairman and CEO of Applied Digital. "Finland stood out because many of the characteristics that have supported our success in North Dakota are also present in the Nordics — a favorable climate, an attractive energy ecosystem, strong connectivity and the ability to develop at meaningful scale."

Cummins said the move does not signal a change in direction. "This is a deliberate first step, not a change in our strategy. Our focus remains firmly on executing the projects in front of us in the United States," he said. He added that the company believes it is important to selectively secure compelling sites that can extend its growth runway over the long term.

"Our ability to scale is not about planting flags in as many markets as possible," Cummins said. "It is about identifying exceptional sites and applying the same disciplined model repeatedly. We have demonstrated that model across our U.S. portfolio. Finland gives us the opportunity to begin proving that platform can travel."

The company said Finland has become an increasingly attractive market for hyperscale and AI development, supported by its cooler climate, established energy and digital networks, and growing investment from global technology leaders. Applied Digital said these characteristics align with the development principles underpinning its U.S. portfolio: securing scalable power and land in markets where AI capacity can be developed efficiently, responsibly and repeatedly.

U.S. Portfolio and Financial Context

The Finland announcement comes as Applied Digital's U.S. platform moves from development into revenue-generating HPC operations. At its Polaris Forge 1 campus in North Dakota, 100 MW was operational and a further 75 MW phase was delivered by June 30, 2026, bringing live capacity there to 175 MW. Company materials have described an additional 150 MW facility at Polaris Forge 1 as expected in calendar 2026 and a third 150 MW facility as anticipated in 2027.

The company's North Dakota facilities at the end of fiscal second quarter 2026 included a 106 MW facility in Jamestown and a 180 MW facility in Ellendale, both operating at full capacity. A 1 GW campus would be several times larger than either of those individual operating facilities.

Applied Digital reported fiscal second quarter 2026 revenue of $126.6 million, compared with $36.2 million a year earlier, an increase of 250%. The company reported a fiscal second quarter net loss of $31.2 million, or $0.11 per share. Fiscal first quarter 2026 revenue was $64.2 million, compared with $34.8 million in the prior-year period, an increase of 84%.

Market Implications and Execution Risks

Power availability is not equivalent to deliverable data center capacity. A campus of up to 1 GW would require substations, transmission upgrades, permitting, environmental approvals, cooling systems, fiber routes, resilience infrastructure and a customer willing to contract for the capacity. The project remains earlier-stage than a customer-backed powered-shell or build-to-suit development, and the company has cited hyperscale discussions without naming a prospective tenant.

Finland is attractive to data center developers for a combination of factors, including a cool climate that can reduce mechanical-cooling requirements, an established electricity and telecommunications network, access to renewable and relatively low-carbon power resources, and connectivity to Nordic and European markets. Hyperscale operators and specialist developers compete for the same scarce combination of power, land and permits.

In its forward-looking statements, Applied Digital cited risks including its ability to complete construction of data center campuses internationally, differences in sourcing materials and labor internationally, compliance with regulations including internationally, its ability to raise additional capital and obtain financing, and its dependence on principal customers.

Applied Digital, founded in 2021 and headquartered in Dallas, was named Best Data Center in the Americas 2025 by Datacloud, according to the company. The company will hold its fiscal first quarter 2027 conference call on Wednesday, Oct. 7, 2026, at 5:00 p.m. Eastern Time.

Sources

• Applied Digital press release via GlobeNewswire: Applied Digital Secures Up to 1 GW of Potential Power Capacity in Finland, Marking First International Development in the Nordics