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Applied Digital Secures $5B Lease, Stock Drops 3.86%

10/23/2025

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Summary

Story summary

Applied Digital announced a 15-year, $5 billion lease for 200 MW at Polaris Forge 2 in North Dakota with a U.S. investment-grade hyperscaler.
The deal lifts Applied Digital's leased capacity to 600 MW across North Dakota facilities.
The deal includes an 800 MW option.
After the announcement, Applied Digital's stock fell 3.86% to $31.28.
Polaris Forge 2 targets AI and computing with a PUE of 1.18 and near-zero water use.

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Story summary

Applied Digital announced a 15-year, $5 billion lease for 200 MW at Polaris Forge 2 in North Dakota with a U.S. investment-grade hyperscaler.
The deal lifts Applied Digital's leased capacity to 600 MW across North Dakota facilities.
The deal includes an 800 MW option.
After the announcement, Applied Digital's stock fell 3.86% to $31.28.
Polaris Forge 2 targets AI and computing with a PUE of 1.18 and near-zero water use.