Applied Digital delivers 75 MW of AI capacity at Polaris Forge 1 campus

Applied Digital Corp. brought 75 megawatts of operational AI capacity online at its Polaris Forge 1 campus in Ellendale, North Dakota, marking the second building at the site to reach Ready for Service status and bringing total live capacity to 175 MW.

"Delivering this phase on time underscores the strength of our execution model," Wes Cummins, chairman and chief executive officer of Applied Digital, said. "Polaris Forge 1 continues to demonstrate the depth of our team and the discipline it takes to bring critical AI infrastructure capacity online for our customers."

The 75 MW delivery for Phase 1 of Building 2 follows the on-time completion of the first 100 MW building at the campus. At full buildout, Polaris Forge 1 is contracted to deliver 400 MW of critical IT load under long-term lease agreements with a single customer, whose identity has not been disclosed.

The milestone reinforces Applied Digital's ability to execute on large-scale AI infrastructure deployments at a time when hyperscalers are competing for data center capacity. The company's AI Factory franchise model replicates core design, construction, and operations teams across each campus, supported by centralized expertise and site-level execution teams. "We are not just securing power; we are turning it into live, operational AI capacity," Cummins said. "That is the hard part, and it is where Applied Digital continues to differentiate itself."

Execution Track Record Builds Credibility

Applied Digital has operated in Ellendale since 2021 and has cultivated relationships with local leaders and community stakeholders. The company's on-time delivery of two consecutive phases at Polaris Forge 1 strengthens its position as a reliable partner for hyperscalers racing to secure AI compute capacity. The campus is designed to support high-density artificial intelligence and high-performance computing workloads using closed-loop cooling technology.

The company's execution comes amid a broader surge in data center construction. Major cloud providers including Microsoft Corp., Amazon.com Inc.'s AWS, and Alphabet Inc.'s Google Cloud have committed tens of billions of dollars in combined CapEx for AI infrastructure, creating demand for specialized builders like Applied Digital that can deliver operational capacity on schedule.

Recent Deals Signal Scaling Ambition

Applied Digital has been expanding its footprint beyond Polaris Forge 1. The company recently signed a 210 MW lease agreement with a US-based hyperscaler at its Delta Forge 2 campus and secured a $550 million revolving credit facility to support growth. In June, it priced a $1.59 billion notes offering to fund its North Dakota AI data center expansion.

The Dallas-based company, founded in 2021 and named Best Data Center in the Americas 2025 by Datacloud, trades at a market capitalization of about $10.7 billion. Revenue surged 66% over the past 12 months, and the stock has returned 282% over the past year, according to InvestingPro data. Of 11 analysts covering the stock, the consensus rating is Buy, with an average price target of $73.36 — implying roughly 97% upside from the current price of about $37.22.

Applied Digital's ability to replicate its delivery model across multiple campuses will determine whether it can capture a larger share of the estimated $100 billion-plus annual data center CapEx market. With 175 MW now live and 400 MW contracted at Polaris Forge 1 alone, the company is demonstrating that its franchise model can scale — but the next test will be whether it can maintain that pace across its expanding pipeline of projects.

This article is for informational purposes only and does not constitute investment advice.