08:30 AM EDT, 10/22/2025 (MT Newswires) -- Applied Digital ( APLD ) said Wednesday it entered into a lease agreement with an unnamed US-based hyperscaler at its Polaris Forge 2 Campus, which is being constructed near Harwood, North Dakota.

The lease represents around $5 billion in total contracted revenue over an estimated 15-year lease term, Applied Digital ( APLD ) said.

The lease covers 200 megawatts of critical IT infrastructure designed to support the hyperscaler's artificial intelligence and high-performance compute infrastructure. The hyperscaler also holds a first right of refusal for an additional 800 megawatts of critical IT load, representing the full expansion potential of the 1-gigawatt Polaris Forge 2 Campus, Applied Digital ( APLD ) said.

Applied Digital ( APLD ) shares were up 3.2% in recent premarket activity.