Applied Digital signed a 15-year take-or-pay lease for 300 MW at its Polaris Forge 3 AI Factory campus with a U.S.-based investment-grade hyperscaler. The agreement adds about $7.5 billion in base-term revenue, lifts total contracted lease revenue to $31 billion across four campuses, and increases contracted AI capacity to 1,200 MW. Operations at the campus are expected to begin in August 2027, and the company is still marketing more than 1.7 GW of additional power.

The summary reports a large, long-term lease, a substantial increase in contracted revenue, and higher contracted AI capacity, all of which are positive concrete business developments.