Applied Digital Lands Another $7.5B Deal — Same Hyperscaler, APLD Surges 21%
Applied Digital signed a second $7.5 billion, 15-year lease with the same undisclosed hyperscaler for Polaris Forge 3 — 300 MW of AI-dedicated capacity — sending shares up 21.68% in a single session.
- Applied Digital signed a second $7.5 billion 15-year lease with the same hyperscaler at Polaris Forge 3, sending APLD shares up 21.68%
- Total contracted backlog now reaches up to $73 billion, with 1.7+ GW of additional capacity in active marketing
Applied Digital (APLD) surged 21.68% on May 21, 2026, after announcing another massive lease agreement — its second $7.5 billion deal with the same undisclosed hyperscaler that signed in April.
Applied Digital, an AI data center developer, announced the deal for its fourth campus, Polaris Forge 3. The structure mirrors the April agreement for Delta Forge 1 exactly: a 15-year lease, 300 megawatts (MW) of critical IT load capacity, and a contract value of approximately $7.5 billion. The repeat with the same hyperscaler reinforced market confidence.
Polaris Forge 3 — 600 Acres, Waterless Cooling, August 2027
Polaris Forge 3 spans over 600 acres and features Applied Digital's proprietary waterless cooling technology and high-density power delivery, optimized for AI model training and inference workloads. Commercial operations are scheduled to begin in August 2027.
Polaris Forge 3 is a direct extension of what we've proven works: a disciplined, repeatable AI factory model that delivers large-scale capacity to the world's most demanding compute customers.
Wes Cummins, CEO of Applied Digital
Contracted Backlog Up to $73B — 1.7 GW More in Marketing
- Total contracted lease revenue: $31 billion across four campuses
- With renewal options exercised: up to $73 billion
- Power contracted in past 11 months: 1.2 GW
- Additional power actively being marketed: 1.7+ GW (grid-connected utility)
- Hyperscaler capex spending in 2026: estimated at $725 billion
Hyperscalers include Amazon Web Services, Microsoft Azure, Google Cloud, and Oracle. The specific contracting party remains undisclosed, but repeat business with the same partner validates the model at scale.
Trading Near 52-Week Highs
APLD closed at $48.09, near its 52-week high of $48.56 — compared to a 52-week low of $6.67, representing a more than 6x rally over the year. Market cap stands at $11 billion. Volume of 1.3 million shares trailed the average of 21 million, suggesting the move was driven by limited supply rather than a surge in new buyers.
Frequently Asked Questions
How large is Applied Digital's latest deal?
A 15-year lease for 300 MW at Polaris Forge 3, valued at approximately $7.5 billion — identical in structure to the April Delta Forge 1 agreement.
Why does the repeat deal with the same hyperscaler matter?
It confirms a structured, ongoing partnership rather than a one-off transaction. Two consecutive $7.5 billion contracts with the same undisclosed partner signals systematic capacity expansion.
What is Applied Digital's total contracted backlog?
$31 billion across four campuses, growing to up to $73 billion if renewal options are fully exercised.
When will Polaris Forge 3 begin operations?
Commercial operations are expected to begin in August 2027. The site spans over 600 acres and uses proprietary waterless cooling technology.
How much additional growth runway does Applied Digital have?
The company is actively marketing over 1.7 GW of additional grid-connected utility power. With hyperscalers planning $725 billion in capex for 2026 alone, the addressable market remains substantial.
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