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Applied Digital is building Polaris Forge 2, a large AI-focused data-center campus near Harwood, North Dakota, outside Fargo. The company announced an estimated $3 billion development in August 2025. That figure is a planned campus value—not proof that $3 billion has already been spent. The project is being financed in part with $2.15 billion of senior secured notes and backed by a long-term lease for 200 megawatts of critical IT capacity with an unnamed U.S. investment-grade hyperscaler.
As of Applied Digital’s April 2026 update, foundations were largely complete and precast, mechanical, electrical and plumbing work was advancing. The company expects initial capacity in calendar 2026 and full capacity in early 2027, subject to construction, power delivery and tenant-readiness milestones.
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The short version
- Project: Polaris Forge 2, an AI and high-performance-computing campus near Harwood in Cass County, North Dakota.
- Developer: Nasdaq-listed Applied Digital Corporation.
- Announced development value: Approximately $3 billion.
- Power description: The original announcement described a roughly 280-megawatt AI Factory. Later materials describe two 150-MW buildings and 200 MW of initial critical IT load.
- Customer: An unnamed U.S.-based investment-grade hyperscaler leasing 200 MW for an approximately 15-year initial term.
- Financing: $2.15 billion of 6.750% senior secured notes due 2031.
- Schedule: Initial capacity targeted for 2026, with full capacity projected for early 2027.
The project is real and under construction, but “Applied Digital is pouring $3 billion into North Dakota” is imprecise. The $3 billion is an announced development estimate; the company has not disclosed that the entire amount has already been spent.
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Polaris Forge 2 is intended for dense AI and high-performance-computing workloads rather than ordinary enterprise colocation. Applied Digital’s August 2025 announcement called it a roughly 280-MW AI Factory campus near Harwood. The original announcement used that broader campus figure.
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Subsequent company disclosures describe the initial build differently: two buildings, each associated with 150 MW of capacity, and 200 MW of critical IT load committed to the initial tenant. These numbers are not automatically interchangeable. “Critical IT load” generally refers to power available to computing equipment, while other figures can describe building, utility or future expansion capacity.
The safest description is that the first phase consists of two large buildings with 200 MW of contracted critical IT load, within a campus that earlier materials described as 280 MW or more and that Applied Digital says can expand.
What the $3 billion figure means
Planned campus value
Applied Digital presented Polaris Forge 2 as a roughly $3 billion campus. That is an announced development value or estimated cost for the buildout, not an audited statement that $3 billion has already left the company.
Project debt
In March 2026, Applied Digital’s project subsidiary, APLD ComputeCo 2 LLC, priced $2.15 billion of 6.750% senior secured notes due 2031. The company said proceeds would support development and construction of 200 MW of critical IT load, fund project accounts including a debt-service reserve, and pay related fees and expenses. The financing announcement is available from Applied Digital.
That debt is a major source of construction capital, but it does not establish that the project is fully funded or operational. Completion-support commitments and the secured structure also mean construction delays, power problems or tenant-performance issues could affect the project’s economics and the company’s leverage.
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Lease revenue is a different number
Applied Digital says the hyperscaler lease represents approximately $5 billion of anticipated revenue over the initial term, excluding certain pass-through power amounts. That is contract revenue over roughly 15 years—not profit, free cash flow, or money already received. Revenue still depends on construction completion, energization, tenant fit-out and continued contractual performance.
The unnamed hyperscaler
Applied Digital has identified the customer only as a U.S.-based investment-grade hyperscaler. The lease covers 200 MW and has an approximately 15-year base term, with extension options described in company materials. The customer has not been publicly named in the cited filings.
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It would be incorrect to identify Microsoft, Google, Amazon, Meta, OpenAI, CoreWeave or another company without a primary-source confirmation. CoreWeave is publicly associated with Applied Digital’s separate Polaris Forge 1 campus in Ellendale, not identified as the Polaris Forge 2 tenant in the cited disclosures.
A single hyperscaler commitment improves visibility compared with an entirely speculative campus, but it also creates customer-concentration risk. A delayed deployment, changed AI demand or tenant credit problem would matter disproportionately to a project built around one 200-MW lease.
Construction timeline and current status
- August 18, 2025: Applied Digital announced Polaris Forge 2 and said groundbreaking was occurring in North Dakota.
- Calendar 2026: The company projected initial capacity.
- Early 2027: The company projected full capacity.
- April 2026 update: Applied Digital said both buildings were progressing, foundations were largely complete, precast erection was beginning, and interior mechanical, electrical and plumbing trades were mobilizing.
A company-published site update also described roofing and interior MEP work at one building, with foundation and precast work at the other. These are first-party construction reports. They show physical progress, not proof that the campus has been energized or is already serving AI workloads. Applied Digital’s April 2026 filing contains the schedule and status update.
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Why North Dakota?
Applied Digital cites several reasons for choosing the Fargo-area site:
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- Access to electricity and the ability to develop dedicated power infrastructure.
- Cold weather that can support cooling efficiency.
- Lower electricity costs than many competing regions, according to the company.
- Applied Digital’s existing experience developing data-center facilities in North Dakota.
Its investor presentation said North Dakota electricity prices were approximately 24% below the national average and that the state generated more electricity than it consumed in 2023. Those are company-cited comparisons, not a guarantee that Polaris Forge 2 will obtain power at that statewide average. Local transmission capacity, substations, generation construction and interconnection timing determine whether electricity is actually deliverable to Harwood.
Cooling and water: what “waterless” does and does not mean
Applied Digital markets Polaris Forge facilities around a closed-loop, waterless or near-zero-water direct-to-chip cooling design. Investor materials cite a projected power-usage effectiveness (PUE) of approximately 1.18. PUE is a company projection for facility efficiency, not an independent operating measurement from Polaris Forge 2.
Waterless cooling for IT equipment does not mean the entire campus will use zero water. Construction, sanitation, fire protection, landscaping and dust control can still require water. The design may reduce operational cooling-water demand, but actual consumption should be judged from permits, utility data and operating results rather than the marketing label alone.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Potential benefits for Harwood and the Fargo region
Construction and infrastructure activity
A project of this scale can support contractors, equipment suppliers and engineering firms while adding substations, transmission connections and other infrastructure. It may also strengthen the greater Fargo region’s profile as an AI-infrastructure market.
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Permanent employment and tax effects
After construction, a data center generally employs far fewer people than the construction phase. Local benefits therefore depend on the number and quality of permanent operations jobs, the taxable value of the facilities, negotiated incentives and the public cost of roads, emergency response, utility upgrades and maintenance. Specific job totals circulating in local discussion should not be treated as established unless confirmed by the company or public records.
Who pays for power infrastructure?
New generation, substations and transmission can be valuable long-term assets, but their costs and risk allocation matter. Residents and policymakers should examine utility rate treatment, infrastructure ownership, upgrade schedules and whether reliability obligations change as the campus adds load.
Risks that could change the outcome
- Power delivery: Interconnection, transmission or generation delays could postpone energization even if buildings are complete.
- Construction execution: Transformers, switchgear, cooling systems and other specialized equipment can arrive late or cost more than planned.
- Financing: Billions of secured debt increase pressure to complete the project and maintain lease cash flows before refinancing or maturity.
- Tenant concentration: The economics rely heavily on one unnamed hyperscaler.
- Schedule risk: A 2026 initial-capacity target and early-2027 full-capacity target are company projections, not achieved milestones.
- Local permitting and regulation: Zoning, annexation, environmental review, generator emissions, road use and emergency-response requirements could affect the buildout.
- Operating performance: The projected 1.18 PUE and approximately 86% site NOI margin are company estimates, not independent results.
- Community impacts: Construction traffic, equipment noise, backup generators, land-use changes and water needs may create costs that are not captured by headline investment figures.
Applied Digital’s own risk disclosures discuss construction completion, financing, customer dependence, power disruptions, equipment failures, regulation, capital access and market demand as material risks. The company’s filing provides those cautionary factors.
How to read the project’s headline numbers
| Figure | What it represents |
|---|---|
| Approximately $3 billion | Announced or estimated development value for the Polaris Forge 2 campus; not proof of money already spent. |
| $2.15 billion | Senior secured notes priced by APLD ComputeCo 2 LLC to fund construction and related project accounts. |
| 200 MW | Initial critical IT load covered by the hyperscaler lease. |
| 280 MW | Broader AI Factory description used in the August 2025 announcement. |
| Two 150-MW buildings | Later description of the initial building configuration; building capacity is not necessarily the same as delivered IT load. |
| Approximately $5 billion | Anticipated lease revenue over the initial approximately 15-year term, excluding certain pass-through power amounts. |
| Approximately 1.18 PUE | Company-projected facility-efficiency metric, not an independently measured result. |
Bottom line
Polaris Forge 2 is a substantial, contracted and heavily financed AI-data-center project—not a completed $3 billion operating campus. Applied Digital has secured a 200-MW hyperscaler lease and raised $2.15 billion in project debt, while construction was advancing toward company targets for initial capacity in 2026 and full capacity in early 2027. The decisive questions are whether power and construction arrive on schedule, whether the unnamed tenant takes delivery, and whether the local economic and infrastructure benefits outweigh the financial, environmental and community costs.
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