Applied Digital Corp. has signed a major lease deal, pushing its total contracted revenue to $31 billion. The announcement came on May 20, 2026, from the Dallas-based company, which focuses on AI infrastructure, bitcoin mining, and data center development. This new lease covers 300 megawatts of critical IT load at its Polaris Forge 3 campus. The campus itself is located in a northern state and is supported by roughly 430 MW of grid-connected utility power.
A Massive 15-Year Agreement
The lease is structured as a 15-year, take-or-pay agreement. This means the client, a U.S.-based investment-grade hyperscaler, is committed to paying regardless of actual usage. The base value of the term is approximately $7.5 billion. If the hyperscaler exercises all renewal options, the total value could hit $18.2 billion. This is actually the second time this specific hyperscaler has signed with Applied Digital; they also took a lease at the Delta Forge 1 campus in April 2026.
Building on a Proven Model
Wes Cummins, the chairman and CEO, called the new deal a continuation of a proven framework. He said the confidence built through disciplined execution is clear. The company has now executed leases representing 1.2 GW of capacity within just 11 months. Across all four AI Factory campuses, the total contracted critical IT load stands at 1,200 MW net, with around 1,670 MW of gross utility power. About 65% of that contracted revenue is backed by investment-grade hyperscalers in the United States.
Designed for AI Workloads
The Polaris Forge 3 campus spans more than 600 acres. It is engineered specifically for high-density AI workloads. Applied Digital uses its own waterless cooling technology, along with high-density power delivery and advanced liquid-cooling architecture. This setup is meant to support AI training and inference at the compute densities demanded by next-generation systems. Operations at Polaris Forge 3 are expected to start in August 2027.
Market Reaction and Growth
Applied Digital has shifted significantly from bitcoin mining in recent years, moving toward AI infrastructure and high-performance computing. The company is actively marketing more than 1.7 GW of additional grid-connected utility power across its sites. Over the last five days, APLD shares have risen 6.8%. Year-to-date, the stock is up more than 85%. The deal shows continued investor confidence in the company’s ability to secure large-scale AI infrastructure projects.
