# Applied Digital Data Center Capex and Sites Source: https://savrn.com/data-center-capital-atlas/company/applied-digital Markdown alternate of the page above; the site index is https://savrn.com/llms.txt --- 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. | Period | Kind | Amount | As stated | Sources | | --- | --- | --- | --- | --- | | 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 → | Site | State | Place | Capital | MW | Status | Sources | | --- | --- | --- | --- | --- | --- | --- | | Polaris Forge 1with CoreWeave | [North Dakota](https://savrn.com/data-center-capital-atlas/north-dakota) | Ellendale | ~$11.0B | 400 | operating | | | Polaris Forge 2broke ground August 18, 2025 | [North Dakota](https://savrn.com/data-center-capital-atlas/north-dakota) | Harwood | $5.0B | 200 | construction | | | Applied Digital Delta Forge 1Leases signed 20-22 April 2026; state announcement 26 May 2026; PSC expedited review 16 September 2026 | [Louisiana](https://savrn.com/data-center-capital-atlas/louisiana) | Boyce, Rapides Parish | ≥$3.6B | 430 | announced | | | Delta Forge 2 AI Factory campuswith Unnamed U.S.-based high investment-grade hyperscaler (tenant), Tuscaloosa County Economic Development Authority | [Alabama](https://savrn.com/data-center-capital-atlas/alabama) | Brookwood, Tuscaloosa County | ≥$3.2B | 210 | approved | | | Applied Digital Polaris Forge 3May 20, 2026 | [North Dakota](https://savrn.com/data-center-capital-atlas/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. | Parties | Instrument | Amount | Date | Site | Sources | | --- | --- | --- | --- | --- | --- | | Applied Digital + CoreWeaveAdditional 150MW lease with CoreWeave, taking Ellendale to 400MW. | lease | ≥$11.0B | August 29, 2025 | Polaris Forge 1 (ND) | | | Applied Digital + undisclosed US hyperscalerApplied 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 DigitalPolaris 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 + CoreWeaveTwo 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 hyperscalerApplied 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 hyperscalerAI 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 DigitalExecuted 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 DigitalSenior secured notes funding Polaris Forge 2. | senior notes | $2.1B | priced March 4, 2026 | Polaris Forge 2 (ND) | | | Applied DigitalSenior secured notes funding the ELN-04 150MW building. | senior notes | $1.6B | priced June 9, 2026 | n.a. | | | Applied Digital + Macquarie Asset ManagementEarlier 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 DigitalThe 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 DigitalNvidia 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 CompaniesNvidia 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 ManagementDevelopment loan facility completed for Applied Digital's Polaris Forge 2. | debt facility | $100M | closed December 18, 2025 | n.a. | | | Applied Digital + Base Electron CorporationOn 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](https://savrn.com/data-center-capital-atlas/sources). - stocktitan.net[StockTitan 10-K summary](https://www.stocktitan.net/sec-filings/APLD/10-k-applied-digital-corp-files-annual-report-d66fc29f9461.html) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/123/applied-digital-announces-two-15-year-lease-agreements-with-coreweave) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/128/applied-digital-announces-additional-150-mw-lease-with-coreweave) - sec.gov[SEC EDGAR (Applied Digital FY2026 Q4 press release, 27 July 2026)](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm) - markets.businessinsider.com[Applied Digital release via GlobeNewswire (Markets Insider), 2 October 2026](https://markets.businessinsider.com/news/stocks/applied-digital-brings-an-additional-75-mw-of-ai-infrastructure-online-at-polaris-forge-1-1036593178) - ir.applieddigital.com[Applied Digital release, 2 October 2026](https://ir.applieddigital.com/news-events/press-releases/detail/161/applied-digital-brings-an-additional-75-mw-of-ai) - finance.yahoo.com[Proactive (Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/applied-digital-adds-75-mw-140100686.html) - cnbc.com[CNBC](https://www.cnbc.com/2025/10/22/applied-digital-signs-5-billion-ai-factory-lease-with-us-based-hyperscaler.html) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/146/applied-digital-announces-pricing-of-2-15-billion-senior-secured-notes) - reuters.com[Reuters](https://www.reuters.com/business/applied-digital-signs-75-billion-ai-data-center-lease-with-us-hyperscaler-2026-04-23/) - americanpress.com[American Press](https://americanpress.com/2026/09/17/lpsc-clears-expedited-path-for-cleco-power-plan-tied-to-data-center/) - opportunitylouisiana.gov[Louisiana Economic Development](https://www.opportunitylouisiana.gov/news/central-louisiana-secures-3-6-billion-applied-digital-ai-factory-campus) - sec.gov[Applied Digital Form 10-K (SEC)](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm) - sec.gov[Applied Digital Form 8-K Exhibit 99.1 (SEC)](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000036/apld_deltaforgexprxfinal.htm) - tuscaloosathread.com[Tuscaloosa Thread, 24 September 2026](https://tuscaloosathread.com/3-billion-dollar-data-center-brookwood/) - nasdaq.com[Applied Digital press release, 8 June 2026 (GlobeNewswire via Nasdaq)](https://www.nasdaq.com/press-release/applied-digital-signs-210-mw-lease-delta-forge-2-expanding-its-ai-factory-franchise) - tuscaloosathread.com[Tuscaloosa Thread, 2 October 2026](https://tuscaloosathread.com/applied-digital-brookwood-town-hall/) - wbrc.com[WBRC](https://www.wbrc.com/2026/10/07/brookwood-city-council-backs-32-billion-applied-digital-data-center-project/) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/152/applied-digital-reaches-significant-milestone-surpassing-1) - sec.gov[SEC EDGAR (Applied Digital Form 10-Q, filed 7 October 2026)](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm) - sec.gov[SEC EDGAR (Applied Digital Q1 FY2027 earnings release)](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000057/apldq127earningsrelease.htm) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/130/applied-digital-announces-5-0-billion-perpetual-preferred) - macquarie.com[Macquarie](https://www.macquarie.com/au/en/about/company/macquarie-asset-management/insights/macquarie-asset-management-invests-in-applied-digital-and-aligned-data-centers.html) - ir.applieddigital.com[Applied Digital](https://ir.applieddigital.com/news-events/press-releases/detail/130/applied-digital-and-macquarie-asset-management-execute) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/156/applied-digital-announces-pricing-of-1-59-billion-senior-secured-notes) - datacenterdynamics.com[DCD](https://www.datacenterdynamics.com/en/news/applied-digital-secures-first-tranche-of-5bn-funding-from-macquarie/) - fool.com[The Motley Fool](https://www.fool.com/investing/2026/03/03/nvidia-just-dumped-its-entire-182-million-applied/) - investopedia.com[Investopedia](https://www.investopedia.com/nvidia-sold-its-stakes-in-these-firms-the-stocks-are-sliding-11908549) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/107/applied-digital-announces-160-million-private-placement) - ir.applieddigital.com[Applied Digital](https://ir.applieddigital.com/news-events/press-releases/detail/139/applied-digital-completes-development-loan-facility-with) - markets.businessinsider.com[Applied Digital fiscal Q1 2027 results via GlobeNewswire (Markets Insider), 7 October 2026](https://markets.businessinsider.com/news/stocks/applied-digital-reports-fiscal-first-quarter-2027-results-1036606858) - ir.applieddigital.com[APLD](https://ir.applieddigital.com/news-events/press-releases/detail/142/applied-digital-announces-fiscal-second-quarter-2026-results) ### NeoCloud and GPU cloud: one page each [Applied Digital 5](https://savrn.com/data-center-capital-atlas/company/applied-digital)[Bitdeer Technologies Group 2](https://savrn.com/data-center-capital-atlas/company/bitdeer)[Cerebras Systems 6](https://savrn.com/data-center-capital-atlas/company/cerebras)[Cipher Digital Inc. 0](https://savrn.com/data-center-capital-atlas/company/cipher-digital)[Core Scientific 2](https://savrn.com/data-center-capital-atlas/company/core-scientific)[CoreWeave 4](https://savrn.com/data-center-capital-atlas/company/coreweave)[Corvex, Inc. 0](https://savrn.com/data-center-capital-atlas/company/corvex)[Crusoe Energy 5](https://savrn.com/data-center-capital-atlas/company/crusoe-energy)[Fluidstack 2](https://savrn.com/data-center-capital-atlas/company/fluidstack)[Galaxy Digital Inc. 1](https://savrn.com/data-center-capital-atlas/company/galaxy-digital)[Groq 1](https://savrn.com/data-center-capital-atlas/company/groq)[Hut 8 Corp. 1](https://savrn.com/data-center-capital-atlas/company/hut8)[IREN 1](https://savrn.com/data-center-capital-atlas/company/iren)[Lambda (Lambda Labs) 2](https://savrn.com/data-center-capital-atlas/company/lambda)[Nebius Group 4](https://savrn.com/data-center-capital-atlas/company/nebius-group)[Nscale 2](https://savrn.com/data-center-capital-atlas/company/nscale)[Poolside 1](https://savrn.com/data-center-capital-atlas/company/poolside)[SambaNova Systems 0](https://savrn.com/data-center-capital-atlas/company/sambanova)[Sesterce 3](https://savrn.com/data-center-capital-atlas/company/sesterce)[TeraWulf 1](https://savrn.com/data-center-capital-atlas/company/terawulf)[Together AI 0](https://savrn.com/data-center-capital-atlas/company/together-ai)[Voltage Park 6](https://savrn.com/data-center-capital-atlas/company/voltage-park)[Vultr 1](https://savrn.com/data-center-capital-atlas/company/vultr)[WhiteFiber, Inc. 2](https://savrn.com/data-center-capital-atlas/company/whitefiber) The figure beside each provider is its count of named sites in the atlas. Part of the [North American Data Center Capital Atlas](https://savrn.com/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. The SAVRN reference set ## Seven references, one system Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it. Delay Watchlist Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue. [Open the watchlist →](https://savrn.com/data-center-delay-tracker) Moratorium Tracker The policy layer: every state measure and local moratorium mapped and cited, with one page per state. Open the tracker → Water Tracker Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger. Open the water tracker → Grid Operator Watchlist ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize. Open the watchlist → Permits and Power Development Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records. Open the permits tracker → SAVRN Scarcity Tracker Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling. Open the scarcity tracker → Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding. [Check an address →](https://savrn.com/site-intelligence)