Applied Digital shares rise on North Dakota AI data center update

Applied Digital shares rose approximately 5% following an update regarding its Polaris Forge 1 AI campus in Ellendale, North Dakota. The company announced that the second phase of Building 2 has reached ‘ready-for-service’ (RFS) status, meaning construction, power, and cooling setups are complete and operational.

This milestone adds 75 megawatts (MW) of critical IT load to the site, bringing the total operational capacity of the Polaris Forge 1 complex to 250 MW. The campus is designed to eventually reach a total of 400 MW and is currently 100% leased, with hyperscale AI cloud provider CoreWeave serving as the anchor customer.

CEO Wes Cummins stated that the development demonstrates the company’s ability to convert large-scale power into operational AI infrastructure. Applied Digital currently holds approximately 1.41 GW of contracted critical IT load across five AI Factory campuses, representing roughly $36.2 billion in base-term revenue over initial 15-year lease terms.