Applied Digital Corp. (Nasdaq: APLD), the Dallas-based artificial intelligence (AI) infrastructure provider, bitcoin miner and data center developer, announced the agreement May 20, 2026. The deal covers 300 megawatts of critical IT load at Polaris Forge 3, a campus located in a northern state and supported by approximately 430 MW of grid-connected utility power.

The lease carries a base-term value of approximately $7.5 billion and up to $18.2 billion if all renewal options are exercised.

The release details that the agreement brings Applied Digital‘s total contracted lease revenue to $31 billion across four AI Factory campuses, or $73 billion including all renewal options. Total contracted critical IT load now stands at 1,200 MW net, with approximately 1,670 MW of gross utility power. About 65% of that contracted revenue is backed by U.S.-based investment-grade hyperscalers.

APLD market year-to-date via bitcoinminingstock.io on May 21, 2026.

Wes Cummins, chairman and chief executive officer of Applied Digital, called the deal a continuation of a proven framework. “This second 300 MW lease with the same U.S.-based high investment-grade hyperscaler we partnered with at Delta Forge 1 reflects the confidence we’ve built through disciplined execution and our ability to consistently advance large-scale AI infrastructure projects,” Cummins explained.

The company has executed leases representing 1.2 GW of capacity in 11 months. Cummins added that Applied Digital is actively marketing more than 1.7 GW of additional grid-connected utility power across recently added and existing sites.

Polaris Forge 3 covers more than 600 acres and is engineered for high-density AI workloads. The campus uses Applied Digital’s proprietary waterless cooling technology, high-density power delivery, and advanced liquid-cooling architecture. Operations are expected to begin in August 2027.

The campus follows the same AI Factory model applied at Polaris Forge 1, Polaris Forge 2, and Delta Forge 1. Applied Digital describes the model as repeatable and purpose-built to support large-scale AI training and inference infrastructure at the compute densities demanded by next-generation systems.

Applied Digital is one of many bitcoin mining operators that has transitioned to mostly AI infrastructure products and high-performance computing (HPC) workloads. Over the last five days, APLD shares have risen 6.8% and year-to-date, the stock is up more than 85%.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。