Applied Digital Polaris Forge 1 (Ellendale)

Polaris Forge 1 is Applied Digital's flagship AI data center campus in Ellendale, North Dakota, built by the company and leased in full to CoreWeave under a series of 15-year agreements: an initial 250 MW lease signed in mid-2025, followed by an additional 150 MW lease shortly after, for a combined 400 MW of contracted critical IT load. Applied Digital designed the campus to scale to 1 GW of total capacity over time. The first 50 MW phase reached "Ready for Service" status in October 2025, with the next 50 MW tranche targeted by the end of that year and the remainder phased in afterward. Applied Digital's own investor materials put the anticipated lease revenue across the full 400 MW at roughly $11 billion over the contract term. As with Applied Digital's other campuses, the site began as Bitcoin-mining infrastructure before being converted and expanded for GPU-hosting customers, and CoreWeave is named directly as the tenant in the company's SEC filings and press releases.