Applied Digital said it has leased about 1.41 GW of critical IT load across five campuses, with about $36 billion in contracted revenue over the initial base lease terms, in fiscal first-quarter 2027 results released on Oct. 7, 2026. If tenants exercise all renewal options, the contracted figure rises to about $86 billion, the company said. The quarter ended Aug. 31, 2026.

The results followed two other announcements in the same week: the company put the second phase of a building at its Polaris Forge 1 campus in Ellendale, N.D., into service, and it announced its first development opportunity outside the United States, in Finland.

The quarter's numbers

Applied Digital reported revenue of $341.9 million for the quarter, up 322% from $80.9 million a year earlier, and a net loss attributable to common stockholders from continuing operations of $221.0 million, or $0.76 per share. Purchases of property, equipment and other assets totaled $2.07 billion. The company ended the period with $3.7 billion in cash, cash equivalents and restricted cash and $6.4 billion of debt, according to the release.

On the financing side, the company closed $1.59 billion of 7.000% Senior Secured Notes due 2031, issued at par through a subsidiary, APLD ComputeCo 3 LLC. The proceeds fund construction of the third building at Polaris Forge 1, a 150-MW HPC building, and repay a $300 million bridge facility, the earnings release said.

The release also listed the company's lease at Delta Forge 2 in Alabama, first announced June 8, 2026: a 210-MW, 15-year agreement with a tier-one investment-grade hyperscaler that the company valued at about $5.2 billion in base-term contracted revenue. Applied Digital lists Delta Forge 2 as under construction, along with Polaris Forge 2 in Harwood, N.D.; Polaris Forge 3 in Center, N.D.; and Delta Forge 1 in Louisiana.

ChronoScale Holdings, about 96% owned by Applied Digital, announced plans with Microsoft for a 50-MW AI compute deployment in North America using Nvidia GB300 NVL72 systems, the release said.

In the release, Chairman and CEO Wes Cummins said: "Put simply, we view every new restriction elsewhere as making what we already own harder to replicate."

Polaris Forge 1 at 250 MW

On Oct. 2, Applied Digital announced Ready for Service status for the second phase of Building 2 at Polaris Forge 1, which the earnings release dates to Oct. 1. That phase adds 75 MW of critical IT load across three 25-MW data halls, the company said.

With the new phase energized, the Ellendale campus has 250 MW of fully operational critical IT load, and the company said the campus is contracted to deliver 400 MW of critical IT load at full buildout. The announcement described the campus as "fully leased"; the earnings release identifies CoreWeave as the tenant.

"Securing power is only the starting point," Cummins said in the Oct. 2 announcement.

Applied Digital also said in its earnings release that Polaris Forge 1 has returned more than $45 million in electricity credits to local ratepayers.

Power supply in North Dakota

After the quarter closed, Applied Digital signed a power purchase agreement for capacity and energy from a roughly 1,200-MW natural gas plant that Base Electron plans to build in North Dakota, according to the earnings release. Applied Digital said it holds about a 10% equity interest in Base Electron.

The agreement sits alongside a development footprint in the state that spans three campuses: Polaris Forge 1 in Ellendale, which is operating and adding a third building, and Polaris Forge 2 and Polaris Forge 3, which are under construction at Harwood and Center.

First site outside the U.S.: Finland

On Oct. 6, the company announced it had secured up to 1 GW of potential power capacity in Finland, which it described as its "first development opportunity outside of the United States." Initial power is expected to become available starting in 2028, according to the announcement.

Applied Digital said it has begun marketing the Finnish site and is in discussions with leading global hyperscale customers. The company said future investment and development decisions depend on customer demand, commercial milestones, and the project's regulatory and development requirements.

"This is a deliberate first step, not a change in our strategy," Cummins said in that announcement. "Our focus remains firmly on executing the projects in front of us in the United States."

Context

Taken together, the three releases describe a company with one campus delivering capacity and several more in build-out. Polaris Forge 1 is the only campus the company describes as operational, while Polaris Forge 2, Polaris Forge 3, Delta Forge 1 and Delta Forge 2 are listed as under construction. The Finland project, by the company's own description, is at the stage of potential power capacity and customer marketing.

What Happens Next

  • North Dakota deliveries: Applied Digital said initial operations at Polaris Forge 2 in Harwood are expected to bring delivered critical IT load across its North Dakota campuses to 300 MW by the end of calendar 2026.
  • Polaris Forge 1, Building 3: The 150-MW third building is under construction, funded by the 2031 notes; no ready-for-service date has been given.
  • Finland: Initial power is expected starting in 2028, subject to customer demand, commercial milestones and regulatory and development requirements.
  • Construction: Polaris Forge 2, Polaris Forge 3, Delta Forge 1 and Delta Forge 2 remain under construction.

Sources