Applied Digital has finalized a new lease agreement with CoreWeave, the AI Hyperscaler™, for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota. This new lease agreement with CoreWeave brings Applied Digital’s total anticipated contracted lease revenue to approximately $11B, which includes $7B in revenue from the initial two approximately 15-year leases executed in May of this year.
With this new long-term lease agreement, the total critical IT capacity across these three long-term lease agreements will encompass 400MW across Applied Digital’s sprawling, purpose-built Polaris Forge 1 Campus, strategically designed to power CoreWeave’s artificial intelligence (AI) and high-performance computing (HPC) initiatives.
“This new lease agreement with CoreWeave underpins our commitment to building the next generation of AI infrastructure right here in America’s heartland,” said Wes Cummins, Chairman and CEO of Applied Digital. “It also further reinforces the importance of North Dakota’s role in shaping the future of the digital economy and is another step in advancing its position as one of the most strategic destinations for AI in the world.”
The additional 150MW data center will be housed in the third building of Polaris Forge 1, which is currently in the planning stages. The new lease agreement is anticipated to be at full capacity and ready for service in 2027. Under the initial May lease agreements, the first 100MW data center for CoreWeave is scheduled to be ready for service in Q4 of 2025, and the second building, which is expected to house a 150MW data center, is currently under construction and is expected to be operational in the middle of 2026.
The Polaris Forge 1 Campus in Ellendale is engineered to scale up to 1 gigawatt over time, designed for high-density compute through proprietary innovation. The campus is designed to harness renewable power and leverage North Dakota’s cool climate, intended to prioritize sustainability and optimize total cost of ownership. This is estimated to result in $2.7B in savings over a lifespan of 30 years, according to the company’s recent study. The Polaris Forge 1 Campus demonstrates how Applied Digital transforms existing regional resources into economic opportunity and exemplifies how purpose-built AI Factories can drive lasting prosperity for communities.
With this new lease agreement, Applied Digital seeks to continue its planned rapid growth trajectory by delivering on its stated mission to power progress through development of purpose-driven AI factory campuses intended to power emerging technologies and turn overlooked regions into thriving hubs of innovation.
