Applied Digital reports 250 MW operational at Polaris Forge 1
Source-based reporting and analysis
Event: October 2, 2026 · Published: October 7, 2026 · Sources last reviewed: October 6, 2026
Applied Digital reported on October 2 that another 75 megawatts of critical IT capacity had reached ready-for-service status at Polaris Forge 1 in Ellendale, North Dakota. The company said the milestone brought the campus’s operating total to 250 MW.
What changed
The new capacity completes the second building’s 150 MW delivery, according to the operator. Its July 1 disclosure recorded an earlier operating total of 175 MW. The campus is contracted for 400 MW at full buildout; that figure is not the delivered operating total.
Ready-for-service capacity describes infrastructure available for customer acceptance and service. It does not independently establish utilization, customer computing output or project-level earnings.
Investor implications · Our analysis
Delivered phases make the potential conversion of construction spending into recurring lease revenue easier to assess. That conversion still depends on contractual acceptance, rent commencement and collections. Investors should distinguish physical delivery from cash generation.
The relationship between Applied Digital and CoreWeave provides a company connection to follow, rather than proof of a particular earnings contribution. Remaining construction, financing obligations and customer concentration remain relevant.
What remains unverified
The latest capacity milestone is attributed to Applied Digital. Reuters independently reported the original lease relationship in June 2025; that reporting does not confirm the October 2026 operating total. This source set does not establish current utilization, realized project profit or the timing of every rent payment.
What happens next
Watch for acceptance of the remaining contracted capacity and evidence of recurring rent collections. A full-campus target should remain separate from confirmed delivery.
Read the full Polaris Forge 1 project analysis → · Applied Digital exposure · CoreWeave exposure
Evidence & source audit
Three reviewed documents from two publishers. The capacity milestone is attributed to Applied Digital; Reuters corroborates the lease context, not the latest physical delivery.
- Applied Digital · 2026-10-02Primary · Operator disclosure — Reports 75 MW added, 250 MW operating critical IT load and 400 MW contracted at full buildout.
- Applied Digital · 2026-07-01Primary · Earlier delivery record — Reports the prior 175 MW operating total; a separate milestone document from the same issuer, not independent verification.
- Reuters · 2025-06-02Independent journalism · Lease context — Reports the original CoreWeave leases. Provides relationship and financial context, not confirmation of the October 2026 operating total.
Page Update History
— Added publisher attribution, AI disclosure and this update-history section. This presentation update does not represent a new factual source review.
Earlier publication and source-review dates remain as stated on this page. This is the first entry in this standardized log; it is not a reconstruction of earlier revisions.
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