On May 20, 2026, Applied Digital announced a lease for its fourth campus, which it calls Polaris Forge 3. The company designs, builds and operates data centers for artificial intelligence and other computing work. The tenant is not named. The release calls it "the same U.S. based high investment-grade hyperscaler that previously signed at Delta Forge 1," and says this is the company's "second long-term lease" with it.
One campus, two measures of power
The campus is "designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power." The load is one figure and the utility power behind it is another. Only the second carries "approximately".
The company gives the same two measures for its four campuses together. "Total contracted capacity across four AI Factory campuses now reaches 1,200 MW of critical IT load (net) and approximately 1,670 MW of utility power (gross)." Net for the load, gross for the power, in the release's own brackets. Where the new campus stands, the release says only that it is "located in a northern state."
Critical IT load and utility power are two different measures of one campus. A reader comparing this campus with another, or adding up a portfolio, has to compare like with like.
Take-or-pay, for a base term and with options
The leases are "15-year take-or-pay leases," valued "at approximately $7.5 billion in base-term contracted revenue." Further on, the release puts the same value over "an estimated 15-year take-or-pay term." The term is estimated, in the release's own word.
A larger figure includes every renewal option. "Including all renewal options, the agreements carry a total potential value of up to approximately $18.2 billion." Potential, and up to approximately. Among the risks in its forward-looking statements, the company lists "whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease)."
The same pair of measures runs across the four campuses. The new leases bring "total contracted lease revenue to $31 billion across four AI Factory campuses, $73 billion if all renewal options at each campus are exercised in accordance with their terms." The release also gives "Approximately 65% of contracted revenue backed by U.S. based investment-grade hyperscalers."
Take-or-pay is the release's phrase, and the release does not say what it covers in these leases. Whether rent is owed before the campus is delivered is the clause a lender would want to read in the lease itself.
August 2027, and the risks the company names
The opening date is the company's expectation. "Initial operations at Polaris Forge 3 are anticipated to commence in August 2027." Initial operations, and anticipated. The release does not say when rent begins, or who pays for the power the campus will draw.
In the same forward-looking statements, the company names among its risks its ability to complete construction of its campuses "as planned", and "power or other supply disruptions and equipment failures." It cautions that "actual results could vary materially" from its expectations.
That date is a target, not a guarantee. The company's own list of risks names construction and power supply, and the release does not say what follows for the leases if the date slips.