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Applied Digital Data Center Capex and Sites

Applied Digital's FY2026 Form 10-K reports 1,410MW of contracted critical IT load across five Polaris Forge and Delta Forge campuses, representing approximately $36.2 billion of take-or-pay, non-cancellable revenue, anchored by CoreWeave leases totaling about $11 billion at Ellendale, ND and hyperscaler leases of $5 billion and $7.5 billion. Financing combines a $5.0 billion Macquarie perpetual preferred facility, senior secured notes of $2.35 billion, $2.15 billion and $1.59 billion, and a $160 million private placement that included Nvidia. Nvidia later sold its entire APLD position, worth roughly $182 million.

Updated October 8, 2026 5 named sites 15 financing transactions 2 sourced facts 32 sources
Applied Digital
APLD
NeoCloud and GPU cloud
Financing regimeperpetual preferred facility plus project-level senior secured notes against take-or-pay hyperscaler and CoreWeave leases
Named sites
5
Site-level commitments the atlas ties to Applied Digital
Disclosed site capital
$22.8B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
1,540 MW
Sum of named sites with a stated megawatt figure
Financing transactions
15
Transactions naming Applied Digital or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
FY2026 10-K backlog ~$36.2B
Approximately $36.2 billion of take-or-pay, non-cancellable revenue across 1,410MW contracted critical IT load at five campuses (fiscal year ended May 31, 2026, filed July 29, 2026)
as of May 20, 2026 backlog ~$31.0B
Approximately $31 billion of contracted baseline revenue ($73 billion if all renewals are exercised) across four AI Factory campuses totaling 1,200MW net critical IT / ~1,670MW gross utility power
FQ2 2026 reported ~$127M
Revenue $126.6 million, $2.35 billion of notes outstanding, $900 million of preferred drawn, approximately $16 billion of aggregate lease revenue
Named sites

Where Applied Digital builds

North Dakota
3 sites · $16.0B disclosed
Open the North Dakota investment tracker →
Louisiana
1 site · $3.6B disclosed
Open the Louisiana investment tracker →
Alabama
1 site · $3.2B disclosed
Open the Alabama investment tracker →
SiteStatePlaceCapitalMWStatusSources
Polaris Forge 1
with CoreWeave
 North Dakota Ellendale ~$11.0B 400 operating
Polaris Forge 2
broke ground August 18, 2025
 North Dakota Harwood $5.0B 200 construction
Applied Digital Delta Forge 1
Leases signed 20-22 April 2026; state announcement 26 May 2026; PSC expedited review 16 September 2026
 Louisiana Boyce, Rapides Parish ≥$3.6B 430 announced
Delta Forge 2 AI Factory campus
with Unnamed U.S.-based high investment-grade hyperscaler (tenant), Tuscaloosa County Economic Development Authority
 Alabama Brookwood, Tuscaloosa County ≥$3.2B 210 approved
Applied Digital Polaris Forge 3
May 20, 2026
 North Dakota Center, Oliver n.a. 300 announced
Financing

Financing transactions

Transactions that name Applied Digital as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
Applied Digital + CoreWeave
Additional 150MW lease with CoreWeave, taking Ellendale to 400MW.
 lease ≥$11.0B August 29, 2025 Polaris Forge 1 (ND)
Applied Digital + undisclosed US hyperscaler
Applied Digital subsidiaries APLD AEX-01 LLC and APLD AEX-02 LLC signed leases on 20 and 22 April 2026 with a US hyperscaler for 300 MW of critical IT load at Delta Forge 1, a 430 MW campus near Boyce, Rapides Parish, Louisiana, worth about $7.5 billion over about 15 years, with operations from mid-2027
 lease ≥$7.5B April 23, 2026 Applied Digital Delta Forge 1 (LA)
Applied Digital
Polaris Forge 3 lease announced as Applied Digital surpassed $31 billion of contracted baseline revenue; campus location is not stated in the source.
 lease ~$7.5B May 20, 2026 n.a.
Applied Digital + CoreWeave
Two 15-year lease agreements with CoreWeave at Ellendale, North Dakota.
 lease ~$7.0B June 2, 2025 Polaris Forge 1 (ND)
Applied Digital + Unnamed U.S.-based high investment-grade hyperscaler
Applied Digital signed a 15-year take-or-pay lease for 210 MW of critical IT load at Delta Forge 2 with a U.S.-based high investment-grade hyperscaler, its third lease with that tenant, taking its contracted portfolio to about $36 billion across five campuses. Initial operations are anticipated in the first quarter of 2028. The company confirmed Brookwood, Tuscaloosa County, Alabama as the location on 24 September 2026.
 lease ≥$5.2B Backfill (not previously recorded). Announced 8 June 2026; site named as Brookwood, Alabama on 24 September 2026 Delta Forge 2 AI Factory campus (AL)
Applied Digital + unnamed investment-grade hyperscaler
AI factory lease with a US-based, unnamed investment-grade hyperscaler at Polaris Forge 2.
 lease $5.0B October 22, 2025 Polaris Forge 2 (ND)
Macquarie Asset Management + Applied Digital
Executed with Macquarie Asset Management, not Blackstone (premise correction preserved from the source).
 preferred $5.0B executed October 7, 2025 Applied Digital Polaris Forge 1 (ND)
Applied Digital
Senior secured notes funding Polaris Forge 2.
 senior notes $2.1B priced March 4, 2026 Polaris Forge 2 (ND)
Applied Digital
Senior secured notes funding the ELN-04 150MW building.
 senior notes $1.6B priced June 9, 2026 n.a.
Applied Digital + Macquarie Asset Management
Earlier Ellendale financing referenced in the first-tranche coverage.
 debt facility $375M February 2025 Applied Digital Polaris Forge 1 (ND)
Tuscaloosa County Economic Development Authority + Applied Digital
The TCEDA board unanimously approved incentives for Applied Digital's $3.2 billion Delta Forge 2 campus near Brookwood: a 20-year ad valorem abatement valued at $140.7 million and construction-period sales and use tax abatements of $173.8 million. Applied Digital agreed to $270 million of community benefit payments over 20 years to be shared by Brookwood, Tuscaloosa, Northport and Tuscaloosa County.
 other ≥$314M Approved unanimously by the Tuscaloosa County Economic Development Authority 24 September 2026 Delta Forge 2 AI Factory campus (AL)
Nvidia + Applied Digital
Nvidia sold its entire Applied Digital position, worth roughly $182 million, with the exit disclosed in a Q4 13F. The atlas frames this as evidence Nvidia's support is selective rather than blanket.
 other ~$182M Exit disclosed in Q4 13F n.a.
Nvidia + Applied Digital + Related Companies
Nvidia participated in a $160M PIPE in Applied Digital before later exiting the position entirely.
 equity raise $160M Date n.a. in this part n.a.
Applied Digital + Macquarie Asset Management
Development loan facility completed for Applied Digital's Polaris Forge 2.
 debt facility $100M closed December 18, 2025 n.a.
Applied Digital + Base Electron Corporation
On 4 October 2026 Applied Digital entered into a Power Purchase Agreement and a related credit support agreement with Base Electron for capacity and energy from an approximately 1,200 MW natural gas-fired generation facility Base Electron is to develop in Center, North Dakota, as dedicated generation for the Polaris Forge 3 campus. The agreement has a 15-year delivery term and may be terminated by Base Electron if financial close for the plant has not occurred by 31 March 2027. Base Electron is a related party: Applied Digital owns about 10% and it is owned and managed by certain Applied Digital officers and directors, including Wes Cummins; Applied Digital also holds a demand promissory note from Base Electron of up to $100 million ($59.3 million outstanding at 31 August 2026).
 ppa n.a. Signed 4 October 2026; disclosed in Applied Digital's Form 10-Q and earnings release filed 7 October 2026 Applied Digital Polaris Forge 3 (ND)
The record

Sourced facts on Applied Digital

  • 1.2GW of leases were executed in eleven months as of May 20, 2026, with more than 1.7GW of grid-connected power being marketed.
  • Nvidia sold its entire APLD position, worth roughly $182 million, in the fourth quarter, alongside exits from Recursion and WeRide.
Sources

Sources for Applied Digital

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

NeoCloud and GPU cloud: one page each

Applied Digital 5Bitdeer Technologies Group 2Cerebras Systems 6Cipher Digital Inc. 0Core Scientific 2CoreWeave 4Corvex, Inc. 0Crusoe Energy 5Fluidstack 2Galaxy Digital Inc. 1Groq 1Hut 8 Corp. 1IREN 1Lambda (Lambda Labs) 2Nebius Group 4Nscale 2Poolside 1SambaNova Systems 0Sesterce 3TeraWulf 1Together AI 0Voltage Park 6Vultr 1WhiteFiber, Inc. 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
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