Mon, Jul 27, 2026
Applied Digital reports $7.5 billion hyperscaler lease at Polaris Forge 3
Key points
- Delta Forge 1 (300MW, Boyce LA) and Polaris Forge 3 (300MW, ND) each ~$7.5B 15-year take-or-pay; Delta Forge 2 (210MW) ~$5.2B, disclosed as signed subsequent to the quarter; aggregate ~1,410MW contracted across 5 HPC campuses, ~$36B total contracted lease revenue
Deal
Undisclosed customerJul 2026
SitePolaris Forge 3
Contracted capacity300 MW
Contract value$7.5B
Duration15 years take-or-pay
Expected launchH2 2027