Applied Digital signs $5 billion AI infrastructure lease with hyperscaler

Applied Digital on Wednesday signed a $5 billion lease with a U.S.-based hyperscaler for 200 MW at its Polaris Forge 2 campus in North Dakota, sending its shares up 4% in premarket trading.

The agreement, expected to run about 15 years and generate about $5 billion in contracted revenue, extends Applied Digital’s push to supply artificial intelligence compute capacity as developers race to secure infrastructure for growing demand.