Applied Digital tops 1 GW contracted with Polaris Forge 3

contracted capacity – Applied Digital announced a 15-year take-or-pay lease for Polaris Forge 3, its fourth AI Factory campus, bringing its total contracted critical IT load to 1,200 MW across four sites and contracted lease revenue to $31 billion, or $73 billion if all renewal opt

When Applied Digital says it has reached “significant momentum,” the number isn’t vague. In this latest move, the company is pushing past 1 gigawatt of contracted capacity—anchored by a new 15-year take-or-pay deal for its fourth AI Factory campus, Polaris Forge 3.

The announcement lands on May 20, 2026, from Dallas-based Applied Digital (NASDAQ: APLD). The company says it entered into a long-term lease agreement with the same U.S.-based high investment-grade hyperscaler that previously signed at Delta Forge 1. The new agreement is for Polaris Forge 3. located in a northern state and designed to deliver 300 MW of critical IT load. supported by approximately 430 MW of grid-connected utility power.

The lease is structured as a 15-year take-or-pay arrangement. Applied Digital places the value of the base-term contracted revenue at approximately $7.5 billion, and at approximately $18.2 billion if all options are exercised.

That deal doesn’t arrive alone. Applied Digital says the agreement lifts its total contracted baseline revenue to $31 billion across four AI Factory campuses. If renewal options at each campus are exercised in accordance with their terms. the company says total contracted baseline revenue rises to $73 billion.

Beyond revenue, the company also tied the announcement to the scale of its power footprint. It says total contracted capacity across the four AI Factory campuses now reaches 1. 200 MW of critical IT load (net) and approximately 1. 670 MW of utility power (gross). About 65% of contracted revenue is described as backed by U.S.-based investment-grade hyperscalers.

Applied Digital frames Polaris Forge 3 as built for dense AI compute—from the architecture down. The campus spans more than 600 acres and is engineered for high-density AI workloads. The company says Polaris Forge 3 integrates its proprietary waterless cooling technology. high-density power delivery. and advanced liquid-cooling architecture. all purpose-built to support compute densities demanded by next-generation AI infrastructure.

The new campus is also positioned as part of a repeatable strategy. Applied Digital says Polaris Forge 3 is based on the AI Factory model powering Polaris Forge 1, Polaris Forge 2, and Delta Forge 1.

Initial operations at Polaris Forge 3 are anticipated to commence in August 2027.

At the center of the announcement is the relationship with the same hyperscaler behind Delta Forge 1. Applied Digital says Polaris Forge 3 represents its second long-term lease with this U.S.-based high investment-grade hyperscaler. expanding the strategic relationship established at Delta Forge 1 in April 2026.

Wes Cummins. Chairman and Chief Executive Officer of Applied Digital. said Polaris Forge 3 is “a direct extension of what we’ve proven works: a disciplined. repeatable AI Factory model that delivers large-scale capacity to the world’s most demanding compute customers.” Cummins added that the second 300 MW lease “reflects the confidence we’ve built through disciplined execution and our ability to consistently advance large-scale AI infrastructure projects.” He said the company has “earned a seat at the table with blue-chip customers. ” and intends to keep that position through “flawless execution and long-term operational reliability.”.

Cummins also pointed to the broader pace of expansion beyond this particular campus. saying. “While executing leases representing 1.2 GW in the past eleven months has been a monumental achievement. we are actively marketing more than 1.7 GW of grid-connected utility power across sites recently added to our portfolio. as well as existing sites.”.

There’s a clear sequence in the numbers Applied Digital chose to spotlight: a 300 MW critical IT load commitment for Polaris Forge 3. a total contracted baseline revenue now at $31 billion across four campuses. and total contracted capacity at 1. 200 MW of critical IT load (net) with approximately 1. 670 MW of utility power (gross). The company’s message is that each new lease is meant to stack—both in revenue visibility and in the physical infrastructure that underpins high-performance compute.

Applied Digital’s release also comes with standard forward-looking language under the Private Securities Litigation Reform Act of 1995. The company cautioned that actual results could vary materially based on factors including whether customers exercise renewal options under their leases. the ability to complete construction as planned. and the timing of customer leasing decisions. It also pointed to risks tied to AI and HPC infrastructure needs. construction costs. the availability of capital. regulatory changes. and dependence on principal customers.

The announcement is signed as a company release dated May 20, 2026, and provides contact details for media and investors. Media inquiries go to JSA (Jaymie Scotto & Associates) at (856) 264-7827 or jsa_applied@jsa.net. Investor Relations contacts are Matt Glover or Ralf Esper at Gateway Group, Inc., at (949) 574-3860 or APLD@gateway-grp.com.

For readers tracking how fast data center construction is turning into contracted capacity, Polaris Forge 3 is the latest step in Applied Digital’s push past 1 GW—backed by a new 15-year take-or-pay lease, and scheduled to begin operations in August 2027.

Applied Digital APLD Polaris Forge 3 Delta Forge 1 AI Factory data centers hyperscaler lease contracted capacity critical IT load grid-connected utility power take-or-pay