The disclosure and our analysis
Evidence dates
Evidence: Applied Digital press releases dated October 2, 2026 (Polaris Forge 1) and October 6, 2026 (Finland); Applied Digital press release dated August 29, 2025 (CoreWeave leases). Applied Digital scheduled its fiscal first quarter 2027 results call for October 7, 2026, after this draft was prepared; any new disclosures there are not reflected.
Polaris Forge 1: what Applied Digital disclosed
Applied Digital (Nasdaq: APLD) said it achieved Ready for Service for the second phase of Building 2 at Polaris Forge 1, delivering an additional 75 MW of critical IT load across three 25 MW data halls. [Source 1]
Capacity, all on a critical IT load basis, as of October 2, 2026: [Source 1]
**Building 1:** 100 MW, completed earlier.
**Building 2:** 150 MW, now complete. Its first 75 MW phase was delivered earlier and the second 75 MW phase on October 2.
**Fully operational at the campus:** 250 MW.
**Contracted at full buildout:** 400 MW. The company calls the campus fully leased.
The campus is in Ellendale, North Dakota, where Applied Digital has operated since 2021. [Source 1]
The tenant and lease terms
The October 2 release does not name a tenant. In August 2025, Applied Digital said it had finalized a third lease with CoreWeave at Polaris Forge 1, bringing CoreWeave's total to 400 MW across three leases, with about $11 billion of total anticipated contracted lease revenue. The first two leases, 100 MW and 150 MW, have terms of about 15 years. At that time, the company expected the third building, 150 MW, to be ready for service in 2027. [Source 3]
Finland: what Applied Digital disclosed
On October 6, 2026, Applied Digital said it entered into an agreement providing access to up to 1 GW of potential power capacity in Finland, its first development opportunity outside the United States. It plans an AI Factory campus capable of scaling to as much as 1 GW. Initial power availability is anticipated beginning in 2028. The company says it has begun marketing the site and is in discussions with hyperscale customers. Future investment depends on customer demand, commercial milestones and regulatory and development requirements. [Source 2]
The release does not identify the municipality, the counterparty, or what kind of agreement it is, such as a grid connection reservation, a land option or a supply contract. The 1 GW is described as potential power capacity, not critical IT load. [Source 2]
Buyer analysis
This is our analysis.
**Ellendale is delivered capacity, but it is not open space.** The 250 MW is the company's figure for critical IT load ready for service. All 400 MW at the campus is contracted. Nothing here is available to new customers.
**Delivery pace is the useful signal.** Applied Digital has now delivered 250 MW of critical IT load at one site across three phases. The remaining 150 MW sits in Building 3, which the company last dated to 2027. Buyers comparing wholesale providers should ask for evidence of completed phases like this, not just announced pipelines.
**Finland is an option, not a campus.** Up to 1 GW of potential power with first availability in 2028 is an early stage site. There is no disclosed location, customer or construction date yet. Treat it as a marker for future Nordic supply rather than near-term capacity.
