AI Campuses Secure Long-Term Leases

The story adds clearer financing and operational detail: Applied Digital not only expanded live capacity at Polaris Forge 1, but also paired the buildout with large debt financing and high-density cooling support. The framing also tightens around the scale of contracted revenue and the dependence on a small set of hyperscaler tenants.

The story expanded beyond Applied Digital’s lease-driven buildout to include Hut 8 as another major AI campus lessor, while Applied Digital also moved from contracting to execution and financing with live capacity additions and new debt. The emphasis is now more clearly on both revenue visibility and the operational/financial constraints needed to deliver it.

• Hut 8 signed a 352 MW second phase at Beacon Point.
• Hut 8 commercialized a 245 MW River Bend AI data center with Fluidstack.
• Polaris Forge 1 reached 175 MW of live capacity.
• Applied Digital raised $1.59 billion in senior secured notes.
• A $350 million revolving credit facility was added.

The story now adds Delta Forge 1 more explicitly into Applied Digital’s multi-campus leasing rollout, while shifting the emphasis from financing and contract size to the broader buildout of high-capacity AI campuses. The overall thesis remains intact, but the framing now highlights geographic expansion and execution of multiple purpose-built sites.

Applied Digital is rapidly expanding its AI infrastructure business through long-term, take-or-pay leases with investment-grade hyperscalers. New contracts at Polaris Forge 3 and Delta Forge 2 have lifted contracted lease revenue to roughly $36 billion across five campuses, while major debt financing supports ongoing construction. The pattern centers on large, power-intensive AI data centers paired with waterless cooling technology and long delivery timelines.