Data center profile · Ellendale, Dickey County, North Dakota

Polaris Forge 1 (Ellendale, North Dakota)

Applied Digital's 400 MW (IT capacity) campus fully leased to CoreWeave, with 250 MW live in Oct. 2026 on utility power and the last 150 MW building under construction

Operating, partly built. Applied Digital says 250 MW of IT capacity was ready for service on Oct. 1, 2026 across two buildings; a third 150 MW building under construction for the first half of 2027. The backup diesel air permit was a draft.
400 MW
IT capacity leased to CoreWeave at full build-out (company)
IT capacity, not a utility figure; the campus is described as scalable to 1 GW
250 MW
IT capacity live and revenue-generating, Oct. 2026 (company)
175 MW on Jul. 1, 2026; building 3 of 150 MW still to come
~$11B
anticipated base-term lease revenue (company)
three CoreWeave leases of about 15 years
$3.94B
senior secured notes issued for the buildings
$2.35B at 9.25% (Nov. 2025) plus $1.59B at 7.00% (Jun. 2026)
OperatorApplied Digital Corporation (Nasdaq: APLD)
CustomerCoreWeave (about 15-year leases, 400 MW of IT capacity)
Planned IT capacity800 MW at full build-out (our estimate from the company's 1 GW campus power figure)
First building in serviceIn service since Oct. 2025 (about 250 MW of IT capacity live)
Next deadline2027: Third building (150 MW) expected ready for service in the first half of 2027 (company)
Power

Power and the grid

Sources on record, size not disclosed
Backup generators (emergency use, not a power supply)

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. 2022
    First service agreement approved
    The state commission approves the first of three Rate 45 agreements between the utility and Applied Digital. Utility regulator · July 2025
  2. 2024
    Third service agreement approved
    The three agreements together serve the Ellendale campus. Utility regulator · July 2025
  3. July 16, 2025
    Utility says the load ramp lagged
    In a rate filing the utility says the customer's expected 2024 load increase did not happen. Utility regulator · Oct. 2026
  4. June 22, 2026
    Utility confirms it serves the campus
    Montana-Dakota says it currently serves Polaris Forge 1. Company · June 2026

What is next door

campus0.10 km · 345 kV+ line0.57 km · gas pipelinecampus0.10 km · 345 kV+ line0.57 km · gas pipeline

Distances from mapped lines and plants. OpenStreetMap · Oct. 2026

Permits

Permits checklist

1 draft · 1 pending · 3 granted

Approvals a campus like this normally needs (including an air permit for backup or on-site generators), and what we found.

Risks

What could slow it down

Money

Money on record

~$11B
CoreWeave lease revenue, base terms (company)
$7B from the first two leases (May 2025) plus the third (Aug. 2025) SEC filing · July 2026
$2.35B
9.25% senior secured notes due 2030
priced Nov. 13, 2025 for the 100 MW and 150 MW buildings; repaid a bank facility Company · Nov. 2025
$1.59B
7.00% senior secured notes due 2031
priced Jun. 9, 2026 for the third building; repaid a $300M Goldman Sachs bridge Company · June 2026
$50M
letter of credit from CoreWeave on the 100 MW lease
Mar. 30, 2026 restructure moved two leases to an A3-rated CoreWeave subsidiary with parent guarantees Company · April 2026
$45M+
electricity credits the company says were returned to local ratepayers
Company · Oct. 2026
Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. Dec. 10, 2024
    Site Applied Digital petitions to annex the campus into Ellendale News report · Dec. 2024
  2. May 28, 2025
    Money Two leases signed with CoreWeave for 250 MW, announced Jun. 2, 2025, with a 150 MW option SEC filing · June 2025
  3. Aug. 29, 2025
    Money CoreWeave exercises the option: third lease brings the campus to 400 MW and about $11B SEC filing · Aug. 2025
  4. Sept. 11, 2025
    Permits State posts a draft air permit for the 60-engine backup diesel fleet State agency · Sept. 2025
  5. Nov. 13, 2025
    Money $2.35B of senior secured notes priced to fund the first two buildings Company · Nov. 2025
  6. Nov. 24, 2025
    Construction First 100 MW building powered and ready for service News report · Nov. 2025
  7. March 30, 2026
    Money CoreWeave lease restructure adds parent guarantees and a $50M letter of credit Company · Oct. 2026
  8. June 9, 2026
    Money $1.59B of 7.00% notes priced to build the third building Company · June 2026
  9. Oct. 1, 2026
    Construction Second 75 MW phase of building 2 ready for service; 250 MW live Company · Oct. 2026
  10. 2027
    Construction Third building (150 MW) targeted for service, first half of 2027 (company) Company · Oct. 2026
Construction activity

Building activity by quarter

Since Aug. 2025: 1 FAA filing (Sept. 2025): a 600 ft crane; 10 OSHA inspections.

FAA filings
OSHA visits
’26
Dot size: records in the quarter, largest = 5. Two-digit years mark each first quarter.
The buildings

Specs

3 buildings, 100 + 150 + 150 MW
IT capacity by building: two live, one under construction (company)
SEC filing · Oct. 2026
60 diesel engines
3 MW each, 15 per building across four buildings, emergency use only
State agency · Oct. 2026
Who is involved

Owners, partners and builders

Owners and developers
  • Applied Digital Corporation: developer, owner and operator
  • Building owners: ELN-02, ELN-03 and ELN-04 LLCs, financed through ComputeCo and ComputeCo 3
Tenant and lenders
  • CoreWeave, Inc.: sole tenant and guarantor under the 2026 restructure
  • Sumitomo Mitsui and Goldman Sachs: earlier bank facilities, repaid
Utility and regulators
  • Montana-Dakota Utilities: serving utility
  • North Dakota Public Service Commission and Department of Environmental Quality
Builders on site
  • Mcgough Construction CO. LLC: contractor on site per OSHA inspection 348465907; 3 OSHA inspections
  • Wrigley Mechanical, Inc.: contractor on site per OSHA inspection 348465741; 3 OSHA inspections
  • Magnum Electric, Inc: contractor on site per OSHA inspection 348718859; 2 OSHA inspections
  • K & M Concrete Construction, Inc.: contractor on site per OSHA inspection 348718875; 1 OSHA inspection
  • Miller Insulation CO., Inc.: contractor on site per OSHA inspection 348718917; 1 OSHA inspection
Still unknown

Open questions

Where this comes from

208 records from 39 documents

Drawn from company statements, securities filings, state agency records, utility regulator dockets, news reports and public and commercial datasets, each kept with its date and source. The bar shows documents by type.

Company 13SEC filing 9State agency 7Utility regulator 4News report 4Dataset 3
Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (29)
  • Construction stage: operating and expanding - first two buildings operational (100 MW plus Building 2 at 150 MW; 250 MW ready for service Oct 2, 2026); third HPC building (150 MW) under construction, full ready for servi
    “Our third HPC building at our Polaris Forge 1 campus, which is expected to provide an additional 150MW of capacity, is currently under construction. We anticipate reaching full ready for service in calendar year 2027.”
    SEC filing · Oct. 2026 · grade A
  • Address: 9663 87th Ave SE, Ellendale, ND 58436
    “ELN Generation Plant 9663 87th Ave. SE Ellendale, ND 58436”
    State agency · Sept. 2025 · grade A
  • On-site generation: 180 MW
    “Fifteen Caterpillar 3516E emergency diesel generator engine rated 4,393 hp capable of producing 3,000 kW of power”
    State agency · Sept. 2025 · grade A
  • Utility: Montana-Dakota Utilities Co. (MDU)
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • Power plan: grid, utility ESA service under MDU Rate 45 (interruptible contracted demand response); onsite generation is emergency backup only
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • Utility service: not stated
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • electric service agreement approval: ESA approved
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • electric service agreement approval: ESA approved
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • electric service agreement approval: ESA approved
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • Nearest power line of 345 kV or more: 0.1 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest gas pipeline: 0.57 km (- Wolsey-Jamestown Pipeline; no gas-substance pipeline within 40 km on the map)
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • On-site generation: 180 MW
    “60 Caterpillar 3516E emergency diesel generator engines rated 3,000 kW each (15 per building x 4 buildings, permit Table 1-1): 60 x 3,000 kW = 180,000 kW = 180 MW”
    State agency · Oct. 2026 · grade B
  • Registry status: OPERATING campus (250 MW of critical IT capacity ready for service Oct. 2, 2026 per the company; final 150 MW building under construction) whose agency record A4 holds is ND DEQ's: draft Permit to Construct AC
    “The site primarily operates on grid power but relies on generators as a back-up in the instance of lost power supply”
    State agency · Oct. 2026 · grade B
  • Stage: operating (partial build-out)
    “bringing fully operational critical IT load at the campus to 250 MW across two buildings and 10 data halls”
    Company · Oct. 2026 · grade B
  • APLD credits the campus's use of excess regional grid capacity with >$45M of electricity credits returned to local ratepayers; MDU's PSC TCA filing independently quantifies a $7,365,540 transmission benefit for the filin
    “the Company's use of excess regional grid capacity has returned more than $45 million in electricity credits to local ratepayers”
    Company · Oct. 2026 · grade B
  • A legacy 180 MW hosting building (ELN-01, energized 2023; Marathon Digital hosting) operates on the same Ellendale site at full capacity. It is part of APLD's Data Center Hosting segment, NOT the Polaris Forge 1 AI campu
    “the Company's 106 MW facility in Jamestown, ND, and 180 MW facility in Ellendale, ND, were operating at full capacity”
    Company · Oct. 2026 · grade B
  • Construction stage: ELN-02 (100 MW) and ELN-03 (150 MW) complete and in service; ELN-04 (150 MW) under construction
    “The third HPC building at Polaris Forge 1 (150 MW), along with Polaris Forge 2, Polaris Forge 3, Delta Forge 1, and Delta Forge 2, are in various stages of construction.”
    Company · Oct. 2026 · grade B
  • Current target date: First building operational October 2025; second building fully operational October 1, 2026; third building expected ready for service in the first half of 2027
    “On October 1, 2026, the Company achieved Ready for Service for the second 75 MW phase of Building 2 at Polaris Forge 1”
    Company · Oct. 2026 · grade B
  • Polaris Forge 1 named Project of the Year by the Mid-America Economic Development Council; APLD states its use of excess regional grid capacity at the campus returned more than $45 million in electricity credits to local
    “the Company's use of excess regional grid capacity has returned more than $45 million in electricity credits to local ratepayers”
    SEC filing · Oct. 2026 · grade B
  • IT capacity: 250 MW
    “brings fully operational critical IT load at Polaris Forge 1 to 250 MW”
    Company · Oct. 2026 · grade B
  • Operating status: OPERATING - 250 MW of critical IT capacity ready for service and revenue-generating at Oct 2, 2026; campus fully leased to CoreWeave for 400 MW at full buildout; Building 3 (150 MW) under construction
    “The fully leased AI Factory Campus is contracted to deliver 400 MW of critical IT load at full buildout”
    Company · Oct. 2026 · grade B
  • Utility: Montana-Dakota Utilities Co. (MDU) - serving utility; MDU states it currently serves Applied Digital at Polaris Forge 1 near Ellendale
    “Montana-Dakota Utilities currently serves Applied Digital at Polaris Forge 1, its AI Factory near Ellendale, North Dakota”
    Company · June 2026 · grade B
  • Interconnection status: Energized - Montana-Dakota Utilities (MDU) service; campus operating (250 MW critical IT ready for service Oct 2, 2026; Company claims >1 GW of Ellendale power capacity in various stages of load s
    “Montana-Dakota Utilities currently serves Applied Digital at Polaris Forge 1, its AI Factory near Ellendale, North Dakota”
    Company · June 2026 · grade B
  • Name: Applied Digital Polaris Forge 1 (Ellendale)
    “at Applied Digital's 400 MW Ellendale, North Dakota data center campus ("Polaris Forge 1")”
    Company · Nov. 2025 · grade B
  • IT capacity: 400 MW
    “the total critical IT capacity across these three long-term lease agreements will encompass 400MW”
    SEC filing · Aug. 2025 · grade B
  • Original target date: First building ready for service Q4 2025; second building operational mid-2026; third building at full capacity in 2027 (schedule as stated Aug 29, 2025)
    “Under the initial May lease agreements, the first 100MW data center for CoreWeave is scheduled to be ready for service in Q4 of 2025”
    Company · Aug. 2025 · grade B
  • IT capacity: 400 MW
    “the total critical IT capacity across these three long-term lease agreements will encompass 400MW across Applied Digital's sprawling, purpose-built Polaris Forge 1 Campus”
    Company · Aug. 2025 · grade B
  • Stated campus size: 1,000 MW
    “The Polaris Forge 1 Campus in Ellendale is engineered to scale up to 1 gigawatt over time”
    Company · Aug. 2025 · grade B
  • large load interconnection request: special Rate 45 agreement approved by the ND PSC (as reported from MDU statements, Aug 2025)
    “data centers will shoulder their own costs through a special “Rate 45” agreement, approved by the North Dakota Public Service Commission.”
    News report · Aug. 2025 · grade C
Money and contracts (73)
  • tax incentive framework: sales tax exemption enterprise IT equipment and computer software exempt if tax-commissioner certified as a qualified data center
    “enterprise information technology equipment and computer software purchased for use by a qualifying business in a qualified data center are exempt from the tax imposed by this chapter”
    State agency · Oct. 2026 · grade A
  • MDU told the PSC the Ellendale Rate 45 customer's projected 2024 load increase 'did not come to fruition', the AI build's utility load ramp lagged the plan embedded in earlier rate filings, and the shortfall contributed
    “The Rate 45 Customer was projected to take on additional load in 2024 that did not come to fruition.”
    Utility regulator · Oct. 2026 · grade A
  • Tenant lease: delivery 75 MW critical IT
    “Delivered the second 75 MW phase of Building 2 at Polaris Forge 1 Ready for Service, bringing total live capacity at the campus to 250 MW”
    SEC filing · Oct. 2026 · grade A
  • Tenant lease: contract value 11000000000 USD
    “Polaris Forge 1 CoreWeave 400 MW 15 years ~$11.0B 2H25-1H27”
    SEC filing · July 2026 · grade A
  • Tenant lease: delivery 150 MW critical IT
    “Polaris Forge 1 CoreWeave 400 MW 15 years ~$11.0B 2H25-1H27”
    SEC filing · July 2026 · grade A
  • tenant lease: capacity 100 MW critical IT
    “The ELN-02 Lease is for the full capacity of our 100 MW data center that was completed and became operational in October 2025”
    SEC filing · July 2026 · grade A
  • tenant lease: capacity 150 MW critical IT
    “the ELN-03 Lease is for the full capacity of our 150 MW data center that is also under construction”
    SEC filing · July 2026 · grade A
  • phase delivery: delivery 150 MW critical IT
    “The third lease is for the full capacity of Building 4, which is currently in the design phase and is expected to be service-ready in middle of calendar year 2027.”
    SEC filing · July 2026 · grade A
  • termination / amendment: termination 2 of 4 data halls
    “On March 30, 2026, the Company and CoreWeave amended the ELN-02 Lease to suspend the term for two of the four data halls covered by the lease (the "ELN-02 Lease Amendment")”
    SEC filing · July 2026 · grade A
  • termination / amendment: termination
    “assigning all of CoreWeave's rights and obligations under the ELN-03 Lease to CoreWeave SPV for the remaining term of the ELN-03 Lease and releasing CoreWeave from the ELN-03 Lease.”
    SEC filing · July 2026 · grade A
  • compute services (end customer): scope not named
    “DATACENTER LEASE BUILDING 4 Between APLD ELN-02 C LLC, a Delaware limited liability company as Landlord and COREWEAVE, INC., a Delaware corporation as Tenant Dated August 28, 2025”
    SEC filing · Sept. 2025 · grade A
  • tenant lease: capacity 150 MW critical IT
    “CoreWeave entered into a third datacenter lease (the "Building 4 Lease") for the full capacity of Building 4 at Polaris Forge 1 ("Building 4"), a 150MW data center”
    SEC filing · Aug. 2025 · grade A
  • tenant lease: term 15 years (approx.)
    “The total contract value for the initial approximately fifteen (15)-year term of the Building 4 Lease is expected to be approximately $4.0 billion”
    SEC filing · Aug. 2025 · grade A
  • electric service agreement (Rate 45): regulatory approval approved, ND PSC Case No. PU-22-371
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • electric service agreement (Rate 45): regulatory approval approved, ND PSC Case No. PU-23-322 (second ESA; application filed Oct 2, 2023; notice of opportunity for hearing issued Oct 24, 2023, comments due Dec 5, 2023)
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • electric service agreement (Rate 45): regulatory approval approved, ND PSC Case No. PU-24-332 (third ESA)
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • ratepayer benefit (TCA filing): transmission benefit 7365540 USD
    “In total, the benefit passed on to the customers by the inclusion of the Customer's activity for this filing, as indicated in the table below, is $7,365,540.”
    Utility regulator · July 2025 · grade A
  • compute services (end customer): scope not named
    “DATACENTER LEASE BUILDING 2 Between APLD ELN-02 LLC, a Delaware limited liability company as Landlord and COREWEAVE, INC., a Delaware corporation as Tenant Dated May 28, 2025”
    SEC filing · June 2025 · grade A
  • compute services (end customer): scope not named
    “DATACENTER LEASE BUILDING 3 Between APLD ELN-03 LLC, a Delaware limited liability company as Landlord and COREWEAVE, INC., a Delaware corporation as Tenant Dated May 28, 2025”
    SEC filing · June 2025 · grade A
  • data center lease: termination
    “the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc.”
    Company · Oct. 2026 · grade B
  • Single-tenant campus: all 400 MW is leased to CoreWeave, whose parent is rated BB. The Mar 30, 2026 restructure moved the ELN-02/ELN-03 leases to an A3-rated CoreWeave SPV with unconditional springing parent guarantees a
    “which received an investment-grade A3 rating (compared to CoreWeave Inc.'s BB rating)”
    Company · Oct. 2026 · grade B
  • Tenant status: CoreWeave - entire campus fully leased to CoreWeave under long-term leases (400 MW of critical IT capacity at full build-out); tenant named in the company's fiscal Q1 2027 release
    “Polaris Forge 1 is leased to CoreWeave, Polaris Forge 2 to an investment-grade hyperscaler, and Delta Forge 1, Polaris Forge 3, and Delta Forge 2 to a tier-one investment-grade hyperscaler”
    Company · Oct. 2026 · grade B
  • Tenant status: Fully leased to CoreWeave; 250 MW of 400 MW contracted in service at Oct 1, 2026
    “Polaris Forge 1 is leased to CoreWeave”
    Company · Oct. 2026 · grade B
  • Tenant lease: delivery 75 MW critical IT
    “Delivered Phase 1 of Building 2 (75 MW) at Polaris Forge 1 Ready for Service on July 1, 2026, bringing total live capacity at the campus to 175 MW”
    SEC filing · Oct. 2026 · grade B
  • phase delivery: delivery 100 MW critical IT
    “The first 100 MW building at Polaris Forge 1 became operational in October 2025.”
    Company · Oct. 2026 · grade B
  • phase delivery: delivery 75 MW critical IT
    “Delivered Phase 1 of Building 2 (75 MW) at Polaris Forge 1 Ready for Service on July 1, 2026, bringing total live capacity at the campus to 175 MW.”
    Company · Oct. 2026 · grade B
  • phase delivery: delivery 75 MW critical IT
    “On October 1, 2026, the Company achieved Ready for Service for the second 75 MW phase of Building 2 at Polaris Forge 1, bringing fully operational critical IT load at the campus to 250 MW”
    Company · Oct. 2026 · grade B
  • bridge facility repayment: refinancing 300000000 USD
    “to fund construction of the third HPC building (150 MW) at Polaris Forge 1 and to repay the $300 million bridge facility”
    Company · Oct. 2026 · grade B
  • senior secured notes: closing closed June 2026 (priced Jun 9, 2026; expected close on or around June 16, 2026)
    “Closed $1.59 billion of 7.000% Senior Secured Notes due 2031, issued at par through subsidiary APLD ComputeCo 3 LLC”
    Company · Oct. 2026 · grade B
  • data center lease (ELN-04): scope 150 MW
    “to (i) fund the construction and associated expenses of 150 megawatts of critical IT load at the fourth building ("ELN-04") at Polaris Forge 1”
    Company · June 2026 · grade B
  • senior secured notes: principal 1590000000 USD
    “has priced a $1.59 billion offering (the "Offering") of 7.000% senior secured notes due 2031 (the "Notes") at par”
    Company · June 2026 · grade B
  • senior secured notes: interest rate 7.000 %
    “has priced a $1.59 billion offering (the "Offering") of 7.000% senior secured notes due 2031 (the "Notes") at par”
    Company · June 2026 · grade B
  • senior secured notes: maturity 2031
    “has priced a $1.59 billion offering (the "Offering") of 7.000% senior secured notes due 2031 (the "Notes") at par”
    Company · June 2026 · grade B
  • senior secured notes: use of proceeds 150 MW
    “to (i) fund the construction and associated expenses of 150 megawatts of critical IT load at the fourth building ("ELN-04") at Polaris Forge 1”
    Company · June 2026 · grade B
  • credit agreement (bridge): facility
    “repay the aggregate principal balance plus any accrued interest under the Credit and Guaranty Agreement with Goldman Sachs Bank USA, as administrative agent and as collateral agent”
    Company · June 2026 · grade B
  • lease amendment (restructure): amendment
    “Entered into agreements with CoreWeave intended to enhance the credit quality of the tenants under the 100 MW (ELN-02) and 150 MW (ELN-03) data center leases at the Polaris Forge 1 campus”
    Company · April 2026 · grade B
  • lease amendment (restructure): guarantee springing
    “receiving unconditional springing guarantees from CoreWeave, Inc., guaranteeing CoreWeave's SPV's obligations under the restructured leases”
    Company · April 2026 · grade B
  • lease amendment (restructure): letter of credit 50000000 USD
    “and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease”
    Company · April 2026 · grade B
  • lease amendment (restructure): credit enhancement
    “which received an investment-grade A3 rating (compared to CoreWeave Inc.'s BB rating)”
    Company · April 2026 · grade B
  • data center lease (ELN-02): scope 100 MW
    “to fund a portion of the construction and associated expenses of its 100 megawatt ("MW") and 150 MW data centers, ELN-02 and ELN-03”
    Company · Nov. 2025 · grade B
  • data center lease (ELN-03): scope 150 MW
    “to fund a portion of the construction and associated expenses of its 100 megawatt ("MW") and 150 MW data centers, ELN-02 and ELN-03”
    Company · Nov. 2025 · grade B
  • senior secured notes: principal 2350000000 USD
    “has priced a $2.35 billion offering (the "Offering") of 9.250% senior secured notes due 2030 (the "Notes") at an issue price of 97%”
    Company · Nov. 2025 · grade B
  • senior secured notes: interest rate 9.250 %
    “has priced a $2.35 billion offering (the "Offering") of 9.250% senior secured notes due 2030 (the "Notes") at an issue price of 97%”
    Company · Nov. 2025 · grade B
  • senior secured notes: maturity 2030
    “has priced a $2.35 billion offering (the "Offering") of 9.250% senior secured notes due 2030 (the "Notes") at an issue price of 97%”
    Company · Nov. 2025 · grade B
  • senior secured notes: use of proceeds
    “to fund a portion of the construction and associated expenses of its 100 megawatt ("MW") and 150 MW data centers, ELN-02 and ELN-03”
    Company · Nov. 2025 · grade B
  • senior secured notes: collateral
    “The Notes and related guarantees will be secured by first-priority liens on (i) substantially all assets of APLD Compute and the Guarantors”
    Company · Nov. 2025 · grade B
  • senior secured notes: completion guarantee
    “Applied Digital will provide customary completion guarantees with respect to the Facilities, under which it will fund APLD Compute as necessary to ensure the timely completion of the Facilities.”
    Company · Nov. 2025 · grade B
  • senior secured notes: refinancing
    “repay the aggregate principal balance plus any accrued and unpaid interest under the Credit and Guaranty Agreement, dated as of February 11, 2025”
    Company · Nov. 2025 · grade B
  • senior secured notes: closing date expected on or around November 20, 2025
    “The Offering is expected to close on or around November 20, 2025, subject to market and other conditions.”
    Company · Nov. 2025 · grade B
  • credit agreement: facility repaid
    “by and among APLD HPC Holdings LLC (a subsidiary of Applied Digital), the subsidiary guarantors thereunder, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent”
    Company · Nov. 2025 · grade B
  • Tenant status: signed
    “announced today that it has finalized a new lease agreement with CoreWeave, the AI Hyperscaler, for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota”
    SEC filing · Aug. 2025 · grade B
  • Tenants: CoreWeave, Inc.
    “announced today that it has finalized a new lease agreement with CoreWeave, the AI Hyperscaler, for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota”
    SEC filing · Aug. 2025 · grade B
  • Tenants: CoreWeave, Inc.
    “announced today that it has finalized a new lease agreement with CoreWeave, the AI Hyperscaler, for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota”
    Company · Aug. 2025 · grade B
  • Contracted lease revenue: Approximately $11 billion anticipated base-term revenue across the three CoreWeave leases USD
    “This new lease agreement with CoreWeave brings Applied Digital's total anticipated contracted lease revenue to approximately $11B”
    Company · Aug. 2025 · grade B
  • Tenant lease: execution
    “announced today that it has finalized a new lease agreement with CoreWeave, the AI Hyperscaler, for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota”
    SEC filing · Aug. 2025 · grade B
  • Tenant lease: capacity 400 MW critical IT
    “the total critical IT capacity across these three long-term lease agreements will encompass 400MW”
    SEC filing · Aug. 2025 · grade B
  • data center lease: scope 400 MW
    “the total critical IT capacity across these three long-term lease agreements will encompass 400MW across Applied Digital's sprawling, purpose-built Polaris Forge 1 Campus”
    Company · Aug. 2025 · grade B
  • data center lease: term approximately 15 years
    “which includes $7B in revenue from the initial two approximately 15-year leases executed in May of this year”
    Company · Aug. 2025 · grade B
  • data center lease: contract value 7000000000 USD
    “which includes $7B in revenue from the initial two approximately 15-year leases executed in May of this year”
    Company · Aug. 2025 · grade B
  • data center lease: contract value total 11000000000 USD
    “This new lease agreement with CoreWeave brings Applied Digital's total anticipated contracted lease revenue to approximately $11B”
    Company · Aug. 2025 · grade B
  • data center lease (ELN-04): expansion option exercised 150 MW
    “announced today that it has finalized a new lease agreement with CoreWeave, the AI Hyperscaler, for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota”
    Company · Aug. 2025 · grade B
  • Third CoreWeave lease finalized Aug 29, 2025 (150 MW, Building 3) completing the 400 MW contracted position at Polaris Forge 1 (approximately $11 billion total)
    “This new lease agreement with CoreWeave brings Applied Digital's total anticipated contracted lease revenue to approximately $11B”
    SEC filing · Aug. 2025 · grade B
  • Tenant: CoreWeave, Inc. - three approximately 15-year leases totaling 400 MW of critical IT capacity (approximately $11 billion anticipated contracted revenue); the Jun 2025 leases also carried CoreWeave's option on the addi
    “Applied Digital will deliver 250 megawatts (MW) of critical IT load to host CoreWeave's artificial intelligence (AI) and high-performance computing (HPC) infrastructure”
    SEC filing · June 2025 · grade B
  • Tenant lease: execution
    “has entered into two approximately 15-year lease agreements with CoreWeave, the AI Hyperscaler”
    SEC filing · June 2025 · grade B
  • Tenant lease: capacity 250 MW critical IT
    “Applied Digital will deliver 250 megawatts (MW) of critical IT load to host CoreWeave's artificial intelligence (AI) and high-performance computing (HPC) infrastructure”
    SEC filing · June 2025 · grade B
  • Tenant lease: term 15 years
    “has entered into two approximately 15-year lease agreements with CoreWeave, the AI Hyperscaler”
    SEC filing · June 2025 · grade B
  • tariff (Rate 45): eligibility demand of at least 10,000 kW per month at a single delivery point; minimum load factor 85%
    “where customers have (1) an expected demand of at least 10,000 Kw per month metered at a single delivery point and (2) an expected minimum load factor of 85%”
    Utility regulator · July 2023 · grade B
  • tariff (Rate 45): interruption right up to 200 hours annually (or as set in the ESA)
    “Company must be able to interrupt customer's service under this rate schedule for up to 200 hours annually or as included in the electric service agreement.”
    Utility regulator · July 2023 · grade B
  • tariff (Rate 45): term 3 to 5 years
    “The electric service agreement shall have a minimum term of three years but not exceed five years.”
    Utility regulator · July 2023 · grade B
  • tariff (Rate 45): nonperformance penalty greater of $10.00 per kW of ESA demand, or reallocated MISO penalties
    “The penalty for non-performance when the Company requests the customer to interrupt will be the greater of $10.00 per Kw applicable to the demand specified in the electric service agreement”
    Utility regulator · July 2023 · grade B
  • tariff (Rate 45): ciac contribution in aid of construction required in advance, at utility's estimated cost incl. disconnect/removal
    “The Company shall require a contribution in aid of construction (CIAC) from the customer, in advance of the construction of any facilities”
    Utility regulator · July 2023 · grade B
  • tariff (Rate 45): deposit amount required prior to commencement of service, set in the ESA
    “The deposit amount required prior to the commencement of service under this rate schedule.”
    Utility regulator · July 2023 · grade B
  • electric service agreement (legacy): term 5 years
    “The Company previously entered into a five-year Energy Service Agreement (ESA) with a utility partner in Dickey County servicing Ellendale, North Dakota.”
    Company · March 2023 · grade B
Permits and government (16)
  • The campus's 180 MW diesel backup fleet is permitted as a Synthetic Minor source with emergency-only limits (<=100 hrs/yr/unit, 525,729 gal/yr non-emergency fuel cap), and the PTC was still in DRAFT more than 22 months a
    “To remain classified as an emergency unit, each diesel generator engine is restricted to operating no more than 100 hours per year on a calendar year basis.”
    State agency · Oct. 2026 · grade A
  • temporary authority permit (workforce camp electric service): application filed (revised)
    “Man Camp – Applied Digital – Ellendale, ND Public Convenience & Necessity Case No. PU-26-___ - REVISED”
    Utility regulator · May 2026 · grade A
  • air permit to construct (synthetic minor): draft permit and AQIA posted for public comment
    “Draft Report Date: September 11, 2025”
    State agency · Sept. 2025 · grade A
  • air permit condition (draft): condition, emergency-unit hour cap
    “To remain classified as an emergency unit, each diesel generator engine is restricted to operating no more than 100 hours per year on a calendar year basis.”
    State agency · Sept. 2025 · grade A
  • air permit condition (draft): condition, non-emergency fuel cap
    “Facility wide ULSD fuel usage during non-emergency situations, such as maintenance checks and readiness testing, is restricted to 525,729 gallons per year”
    State agency · Sept. 2025 · grade A
  • air permit condition (draft): condition, permit invalidation
    “This permit shall become invalid if construction is not commenced within 18 months after issuance of such permit”
    State agency · Sept. 2025 · grade A
  • FAA OE/AAA: Determined - No Hazard
    “Crawler Crane which we can boom down when needed”
    FAA · Sept. 2025 · grade A
  • North Dakota Public Service Commission: Case PU-23-322, Notice of Opportunity for Hearing on MDU's application to approve the second Rate 45 ESA with Applied Digital (filed Oct 2, 2023)
    “Pursuant to the Company's Rate 45 Tariff, the Customer has three Electric Service Agreements, which have been approved in Case Nos. PU-22-371, PU-23-322, and PU-24-332.”
    Utility regulator · July 2025 · grade A
  • North Dakota Public Service Commission (docket filing): Case PU-25-225, MDU Transmission Cost Adjustment (Rate 59) update; Rate 45 customer (Applied Digital, Ellendale) transmission benefit of $7,365,540 for the filing
    “In total, the benefit passed on to the customers by the inclusion of the Customer's activity for this filing, as indicated in the table below, is $7,365,540.”
    Utility regulator · July 2025 · grade A
  • air permit to construct (synthetic minor): application filed
    “Date of Application: December 4, 2024”
    State agency · Dec. 2024 · grade A
  • FAA status: One case in both Ellendale circles: a 30-ft building at 8937 96th St SE (ASN 2025-AGL-15598-OE, Determined - No Hazard, submitted Dec. 9, 2025), ~2 mi east of the campus point whose DEQ permit address is 9663 8
    “type Building; STATUS=Determined - No Hazard”
    FAA · Oct. 2026 · grade B
  • Construction stormwater general permit coverage (NDR11 series): Listed in ECHO at the site
    “ECHO CWA pull at site point 46.006143,-98.568736: APPLIED DIGITAL - APPLIED DIGITAL ELN-03”
    State agency · Oct. 2026 · grade B
  • Construction stormwater general permit coverage (NDR11 series): Listed in ECHO at the site
    “ECHO CWA pull at site point 46.006143,-98.568736: APLD ELN-01 LLC”
    State agency · Oct. 2026 · grade B
  • Air Permit to Construct: Draft PTC and draft AQIA publicly noticed Sep 2025; application received Dec. 3, 2024; issued copy in CERIS-ND (backfill queued)
    “Applied Digital Corporation (Applied Digital) submitted a synthetic minor construction permit application for the construction of 60 diesel-fueled emergency generators for a proposed Facility near Ellendale, ND”
    State agency · Sept. 2025 · grade B
  • annexation: annexation petitioned; public hearing set
    “A large data center just outside of Ellendale has asked to be annexed into the city limits, a move that would increase tax revenue for the town.”
    News report · Dec. 2024 · grade C
  • Ellendale City Commission (public hearing): Annexation of Applied Digital's campus property into the City of Ellendale
    “Ellendale Mayor Don Flaherty said a public hearing on the annexation will be held Dec. 19.”
    News report · Dec. 2024 · grade C
Site and other (10)
  • MDU sought PSC temporary authority to serve an Applied Digital workforce 'man camp' at Ellendale in May 2026, a large construction workforce was still on site during the ELN-04 build, and the customer of record is a ded
    “Man Camp – Applied Digital – Ellendale, ND”
    Utility regulator · Oct. 2026 · grade A
  • City: Ellendale
    “9663 87th Ave. SE Ellendale, ND 58436”
    State agency · Sept. 2025 · grade A
  • County code: 38021
    “FCC census block find for latitude 46.006143 longitude -98.568736 returned County FIPS 38021, name Dickey County, block 380219733002324”
    Dataset · Oct. 2026 · grade B
  • Developer: Applied Digital Corporation (NASDAQ: APLD)
    “Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company"), a U.S. based designer, developer, owner, and operator of large-scale, purpose-built data centers”
    Company · Oct. 2026 · grade B
  • Operator: Applied Digital Corporation
    “a U.S. based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support high-performance computing ("HPC") workloads”
    Company · Oct. 2026 · grade B
  • Cooling: Waterless / closed-loop cooling design (company-stated)
    “The Company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities”
    Company · June 2026 · grade B
  • Buildings: ELN-02, ELN-03, ELN-04 (AI buildings) plus legacy ELN-01 hosting building on the same site
    “the fourth building ("ELN-04") at Polaris Forge 1”
    Company · June 2026 · grade B
  • Announced: July 18, 2022
    “Applied Blockchain will supply Marathon with 90 megawatts of hosting capacity at its facility in Texas and at least 110 megawatts of hosting capacity at its second facility in North Dakota.”
    Company · July 2022 · grade B
  • Construction-phase water for the Ellendale project was bought from Aberdeen, SD and hauled by tanker (>1 million gallons over two months, at twice Aberdeen's residential rate) even though the permanent campus is marketed
    “Aberdeen has sold more than one million gallons of water to Applied Digital's data-center project near Ellendale, North Dakota, during the past two months.”
    News report · Oct. 2026 · grade C
  • County: Dickey County
    “Ellendale, which is the county seat of Dickey County in south-central North Dakota”
    News report · Dec. 2024 · grade C