Moody’s upgrades Agnico Eagle’s rating to A3 on debt reduction
Investing.com -- Applied Digital (NASDAQ:APLD) stock rose 2.1% after announcing a new lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in North Dakota.
The new lease brings Applied Digital’s total anticipated contracted lease revenue to approximately $11 billion, which includes $7 billion from two initial leases executed in May. The three long-term lease agreements will encompass a total of 400MW of critical IT capacity across the company’s Polaris Forge 1 Campus in Ellendale, North Dakota.
"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.
The additional 150MW data center will be housed in the third building of the campus, which is currently in planning stages. The new facility is expected to reach full capacity and be ready for service in 2027. Under the initial agreements from May, the first 100MW data center is scheduled to be operational in the fourth quarter of 2025, while the second 150MW facility is under construction with expected completion in mid-2026.
The Polaris Forge 1 Campus is designed to eventually scale up to 1 gigawatt and is engineered to harness renewable power while leveraging North Dakota’s cool climate for sustainability and cost optimization. According to the company, this approach could result in $2.7 billion in savings over a 30-year lifespan.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.