Applied Digital has transformed from a 286MW crypto hosting company into a purpose-built AI data center developer with $16B in contracted lease revenue across 600MW with two hyperscaler customers on ~15-year terms. Polaris Forge 1 ($11B for 400MW with CoreWeave) and Polaris Forge 2 ($5B for 200MW with a second investment-grade hyperscaler) are the anchor contracts.
$16B in aggregate lease revenue across 600MW with two hyperscaler customers on ~15-year terms