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DALLAS - Applied Digital (NASDAQ:APLD) announced Monday it has successfully completed the first 50 megawatt (MW) phase of its Polaris Forge 1 AI Factory Campus in Ellendale, North Dakota, reaching Ready for Service status on schedule. The company, currently valued at $9.3 billion, has seen its stock surge over 325% in the past year according to InvestingPro data.
The facility represents the initial delivery of a fully leased 400 MW deployment for CoreWeave under approximately 15-year lease agreements, with an estimated $11 billion in anticipated lease revenue. The company expects to deliver the next 50 MW before year-end. InvestingPro analysis shows Applied Digital’s revenue grew 28.4% in the last twelve months, with analysts projecting continued strong growth. Get access to 18 additional ProTips and comprehensive financial analysis with an InvestingPro subscription.
"Bringing the first phase of Polaris Forge 1 online in record time establishes a new standard for the future of data centers," said Wes Cummins, CEO of Applied Digital. While the company operates with moderate debt levels, InvestingPro data indicates current short-term obligations exceed liquid assets, highlighting the importance of successful project execution.
The Polaris Forge 1 Campus is engineered to eventually expand to 1 gigawatt (GW) capacity to meet growing demands for artificial intelligence and high-performance computing infrastructure. The facility features proprietary design elements including liquid cooling with near-zero water consumption. With a market capitalization of $9.3 billion and analyst price targets ranging from $23 to $56, investors can access detailed valuation metrics and growth projections through InvestingPro’s comprehensive research reports.
According to a company study, these efficiencies combined with North Dakota’s cool climate and access to renewable power are estimated to yield $2.7 billion in lifecycle cost savings over 30 years.
This milestone follows Applied Digital’s recent announcement of a $5 billion AI Factory lease agreement with an unnamed U.S.-based investment grade hyperscaler at its Polaris Forge 2 Campus in Harwood, North Dakota.
The information in this article is based on a press release statement from Applied Digital.
In other recent news, Applied Digital has announced a significant 15-year lease agreement with a U.S.-based hyperscaler, valued at approximately $5 billion. This deal involves 200 megawatts of critical IT load at the Polaris Forge 2 campus in North Dakota, enhancing the company’s total leased capacity to 600 megawatts across its North Dakota facilities. Additionally, the hyperscaler has secured a first right of refusal for an extra 800 megawatts, which could cover the entire expansion potential of the 1-gigawatt campus.
In another development, Applied Digital amended its Series G Convertible Preferred Stock terms, increasing the minimum conversion price floor from $22.00 to $34.00. This amendment was filed with the Secretary of State of Nevada. On the analyst front, H.C. Wainwright raised its price target for Applied Blockchain to $40, maintaining a Buy rating, following the company’s first quarter fiscal 2026 results, which showcased its datacenter build capabilities. Similarly, Needham increased its price target to $41, also maintaining a Buy rating, after the company reported stronger-than-expected top-line results.
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