Applied Digital inks $5B, 200MW lease in North Dakota

Business Oct 22, 2025

Applied Digital just landed a huge 15-year, $5 billion lease with a U.S.-based hyperscaler for 200MW at its Polaris Forge 2 campus in North Dakota.
This move bumps the total capacity at their Polaris campuses to 600MW and sent Applied Digital's stock up 4% in premarket trading.
It's a clear sign that demand for AI infrastructure is heating up.

A series of monumental deals

This isn't Applied Digital's first big move—they also signed a major lease with CoreWeave for another 150MW earlier this year.
Thanks to these deals, the company's stock has soared over 325% in 2025 alone.
Applied Digital is quickly becoming a go-to name for powering AI projects, and investors are definitely taking notice.