NeoCapCompaniesValuationsScenariosMetrics
← Applied Digital Corporation
Wed, Jul 1, 2026

Applied Digital delivers Building 2 Phase 1 at Polaris Forge 1

Key points

  • Achieved Ready for Service for Phase 1 of Building 2 at Polaris Forge 1, delivering 75 MW of operational AI capacity to its customer on schedule
  • Total live capacity at the Ellendale, North Dakota campus now stands at 175 MW, following the earlier on-time completion of the first 100 MW building
  • Polaris Forge 1 is fully leased and contracted to deliver 400 MW of critical IT load at full build-out under long-term lease agreements
  • Management cites the on-time delivery as validation of its repeatable AI Factory franchise model for turning secured power into operational capacity

Site update

SiteStatusActiveIn buildTheoretical
Polaris Forge 1Ellendale, ND

Building 2 Phase 1 (75 MW) achieved Ready for Service, announced 2026-07-01, bringing campus live capacity to 175 MW; campus contracted for 400 MW of critical IT load at full build-out; buildout continues (Building 2 Phase 2, Building 3) but this release does not quantify in-construction MW.

ActiveUnder construction175 MWIT—400 MWIT