Applied Digital announces progress on Polaris Forge 1 infrastructure; stock rises 5% on the update.

Applied Digital shares climbed roughly 5% on Thursday after the company brought online another major phase of its North Dakota AI campus. On October 2, 2026, Nasdaq-listed Applied Digital (APLD) announced that Building 2's second phase at its Polaris Forge 1 campus in Ellendale had reached Ready for Service status, adding 75 MW of critical IT load and bringing the facility to 250 MW of operational capacity.

The new capacity spans three data halls rated at 25 MW each. "Ready for Service" signals that power, cooling and infrastructure are live, enabling tenants to begin equipment deployment.

The milestone follows earlier completions: an initial 100 MW building and Building 2's first 75 MW phase. The campus targets 400 MW total capacity, leaving 150 MW under development. The entire facility is fully leased under long-term agreements, with CoreWeave, the hyperscale AI cloud provider, as the anchor customer.

APLD rose approximately 5% on the announcement, with trading volume well above average. The stock reached $26.85 intraday before settling around $25.38. CEO Wes Cummins emphasized the milestone as converting power capacity into operational infrastructure, while stressing Applied Digital's focus on timely project delivery.

Polaris Forge 1 represents one of five AI Factory campuses in Applied Digital's portfolio. The company has secured approximately 1.41 GW of contracted critical IT load across these facilities, representing roughly $36.2 billion in base-term revenue over initial 15-year lease terms.

Applied Digital will report fiscal Q1 2027 results on October 7, 2026. Investors will scrutinize how the newly operational capacity translates to revenue and whether management updates timelines for Ellendale's remaining 150 MW. Commentary on the other four campuses will prove equally important, as most of the $36.2 billion backlog remains there.