Applied Digital Secures $7.5B AI Lease

Applied Digital shares rose ~7% in after‑hours trading on May 21 2026 after announcing a 15‑year, $7.5 billion lease for Polaris Forge 3 AI data centre.
The lease covers 300 MW of critical IT load, valued at $7.5 billion base‑term revenue and up to $18.2 billion with renewals.
With this deal, Applied Digital’s contracted lease revenue reaches $31 billion (or $73 billion with options) and 1,200 MW of IT load across four campuses.
CEO Wes Cummins said the repeat 300 MW lease demonstrates confidence in Applied Digital’s disciplined execution of large‑scale AI infrastructure projects.