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Investing.com -- Applied Digital (NASDAQ:APLD) stock rose 7% Wednesday after the company announced a major lease agreement with a U.S.-based investment grade hyperscaler at its Polaris Forge 2 campus in North Dakota.
The approximately 15-year lease agreement represents about $5 billion in total contracted revenue and covers 200 megawatts (MW) of critical IT load designed to support artificial intelligence and high-performance computing infrastructure. The deal brings Applied Digital’s total leased capacity with two major global hyperscalers across its North Dakota campuses to 600 MW.
The hyperscaler also secured a first right of refusal for an additional 800 MW of critical IT capacity, representing the full expansion potential of the 1-gigawatt Polaris Forge 2 Campus. The initial 200 MW will be phased within two buildings expected to begin coming online in 2026 and reach full capacity in 2027.
"What sets us apart isn’t just the size of our pipeline - it’s how fast we can deliver," said Wes Cummins, Chairman and CEO of Applied Digital. "The real constraint in this industry is execution, and our team continues to prove that large-scale, next-generation data centers can be designed, financed, and brought online faster and more efficiently than anyone thought possible."
The Polaris Forge 2 campus spans over 900 acres and is engineered for high efficiency with a projected PUE of 1.18 and near-zero water consumption. This announcement follows other recent developments for Applied Digital, including a 150MW lease with CoreWeave at its Polaris Forge 1 Campus and a $5.0 billion AI infrastructure partnership with Macquarie Asset Management.
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