Applied Digital secures $7.5B lease for 300 MW AI data center, pushing total contracted revenue to $31B.

Applied Digital announced a 15-year take-or-pay lease with a U.S.-based high investment-grade hyperscaler for its Polaris Forge 3 AI Factory campus, designed to deliver 300 MW of critical IT load for AI workloads. This deal adds approximately $7.5 billion in contracted revenue, bringing Applied Digital's total contracted baseline revenue to $31 billion across four AI Factory campuses, with potential to reach $73 billion if all renewal options are exercised. The Polaris Forge 3 campus will begin operations in August 2027 and features advanced waterless cooling and high-density power delivery tailored for AI infrastructure. This milestone solidifies Applied Digital's position as a key partner for large-scale AI and high-performance computing customers.