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Applied Digital is expanding its AI-focused data center infrastructure with the development of Polaris Forge 2 in North Dakota. The project will start with an initial 300 megawatts of IT load and is designed to scale up to a full 1 gigawatt. This follows the success of Polaris Forge 1, which operates at 400 megawatts and has approximately $11 billion in long-term contracted revenues. The Zacks Consensus Estimate for fiscal 2026 revenues is $280.9 million.
Polaris Forge 2 is being developed amid increasing demand for liquid-cooled, high-density AI infrastructure, with power-ready sites being limited. It aims to meet the evolving needs of customers requiring reliable construction timelines and advanced cooling capabilities for large-scale deployments.
Currently, Applied Digital has 700 megawatts under construction at other locations and a pipeline that may eventually reach 4 gigawatts. Key factors affecting the development include labor availability, material lead times, and financing costs, which could impact project timelines and expenditures.
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