That’s a hefty price tag for capital. But the pitch is simple: CoreWeave, the AI cloud computing company that has become one of the most sought-after tenants in the data center world, has signed long-term lease agreements for the facility. Those contracts could generate between $5 billion and $11 billion in revenue over their roughly 15-year duration.
What the deal actually looks like
The senior secured notes, issued through a private offering in November 2025, mature in 2030. Proceeds are earmarked for construction of AI and high-performance computing facilities at what’s called the Polaris Forge 1 campus in Ellendale, North Dakota.
CoreWeave’s contracted capacity at the site has already expanded from an initial 250 MW to 400 MW.
Applied Digital, which trades on the Nasdaq under the ticker APLD, is positioning itself as a landlord for the AI boom. The company builds and operates data centers purpose-built for high-performance computing, then leases that capacity to cloud providers and AI companies under long-term agreements.