Data center profile · Near Center, Oliver County, North Dakota

Applied Digital Polaris Forge 3 (Center, ND)

300 MW IT-load, two-building AI campus under construction near Center, North Dakota, fully leased to an unnamed hyperscaler; 430 MW utility contract awaits state approval.

Under construction. Both buildings under construction, first service targeted for the second half of 2027 (company). The state commission has not issued final approval of the power contract; the planned 1,200 MW gas plant has no financing, air permit or siting certificate.
300 MW
critical IT capacity leased, in two buildings (company)
supported by about 430 MW of grid power
430 MW
utility service agreement maximum with Montana-Dakota Utilities
signed June 17, announced June 22, 2026; state approval pending
$7.5B
base-term contracted lease revenue (company)
up to $18.2B with renewal options
~1,200 MW
gas plant under a 15-year power purchase deal with Base Electron
signed Oct. 4, 2026; ends if the plant misses a Mar. 31, 2027 financial close
OperatorApplied Digital Corporation (Nasdaq: APLD), through APLD BIS-01 LLC
CustomerUnnamed U.S. high investment-grade hyperscaler (same tenant as Delta Forge 1 and 2); two 15-year take-or-pay leases
Planned IT capacity344 MW at full build-out (our estimate from the company or utility power figure)
First building in serviceOur estimate: 2027 (range 2027 to 2028); company says 2027.
Next deadlineMarch 2027: Base Electron can terminate the power purchase deal if its gas plant has not reached financial close
Power

Power and the grid

1,630 MW contracted (totals add sources with a stated size; they can overlap)

Montana-Dakota Utilities grid service (345 kV, Rate 45)Contracted, approval pending
430 MW
utility load maximum; supports 300 MW of IT capacity; subject to state commission approval and a $110M network upgrade paid by the developer Utility regulator · June 2026
Base Electron natural gas plant (dedicated, 4 x 300 MW boilers)Contracted, not financed
1,200 MW
15-year purchase deal; Base Electron says deliveries begin around 2030; plant not yet financed; Applied Digital owns about 10% of Base Electron SEC filing · Oct. 2026
Contracted
Other sources, size not disclosed

Getting on the grid

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

  1. June 17, 2026
    Service agreement signed
    Montana-Dakota Utilities and APLD BIS-01 sign a 15-year Rate 45 agreement for up to 430 MW; announced June 22, 2026. Utility regulator · June 2026
  2. June 26, 2026
    Approval requested
    The utility asks the state commission to approve the agreement and files for temporary authority for the switch yard. see Permits
  3. July 7, 2026
    Grid operator study approved
    MISO approves the expedited review of the 430 MW load; about $110M of upgrades are charged to Applied Digital. see Permits
  4. July 17, 2026
    Permanent service certificate filed
    The utility files for permanent authority; Roughrider Electric Cooperative says it will protest. Utility regulator · July 2026
  5. Oct. 4, 2026
    Gas plant power deal signed
    Applied Digital signs a 15-year deal with Base Electron for about 1,200 MW from a gas plant not yet financed. SEC filing · Oct. 2026
  6. 2029
    Remaining network upgrades finish
    Only the new switching substation and protection upgrades are needed for first service; the rest completes in 2029. Utility regulator · July 2026
  7. Not set
    State approval of the service agreement: pending
    Either side may terminate if state approval and the other conditions are not met by July 31, 2028. Utility regulator · June 2026
Permits

Permits checklist

1 contested · 1 pending · 5 granted · 2 checked, nothing on file

The campus's county permits are issued and construction has started; the state power approvals and everything for the separate gas plant are still open.

Risks

What could slow it down

Money

Money on record

$7.5B
base-term lease revenue, two 15-year take-or-pay leases (company)
up to $18.2B with renewals Company · May 2026
$110M
grid upgrades billed to Applied Digital
through a facility service agreement; other utility customers are not charged Utility regulator · July 2026
$2.4B
design-build contract for the Base Electron plant (Babcock & Wilcox)
full notice to proceed Mar. 4, 2026; Applied Digital guarantees B&W's obligations Company · March 2026
$100M
demand note Applied Digital holds from Base Electron
$58.5M outstanding at Aug. 31, 2026 (as reported) News report · Aug. 2026
$350,000
community grants committed to five Oliver County groups
Company · Oct. 2026

Not on record: project financing closed for this campus: as of Oct. 2026, recent notes funded Polaris Forge 1 Company · Oct. 2026; Land purchase by APLD BIS-01 LLC, recorded May 2026: not recorded, Henke and Correne to APLD BIS-01 LLC, price not recorded (county deed records) County deed records · May 2026

Land assembly

1 recorded land document for the campus company in county records (May 2026); it lists no price. Parcel counts come from the deed; acreage is not recorded.

Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. March 4, 2026
    Power Babcock & Wilcox gets full notice to proceed on the $2.4B Base Electron gas plant Company · March 2026
  2. March 2026
    Permits Oliver County adopts a 180-day data-center moratorium, repealed about three weeks later News report · March 2026
  3. May 20, 2026
    Site Applied Digital announces a 300 MW lease with a hyperscaler, location not named Company · May 2026
  4. May 22, 2026
    Permits County approves the rezoning, with conditions, after a 4-3 planning board recommendation to deny News report · May 2026
  5. May 22, 2026
    Money Land purchase recorded (no price on the deed): Henke and Correne to APLD Bis-01 LLC (2 parcels) County deed records · May 2026
  6. June 22, 2026
    Power Montana-Dakota Utilities announces the 430 MW service agreement and names Center as the location Company · June 2026
  7. July 7, 2026
    Permits County approves the building permit 2-1; MISO approves the load study News report · July 2026
  8. July 17, 2026
    Power Utility files for permanent service authority; a neighboring co-op says it will protest Utility regulator · July 2026
  9. Aug. 2026
    Site Site clearing and grading begin (press) News report · Sept. 2026
  10. Oct. 4, 2026
    Power Applied Digital signs the 15-year, 1,200 MW power deal with Base Electron SEC filing · Oct. 2026
  11. Oct. 7, 2026
    Site Applied Digital reports both buildings under construction SEC filing · Oct. 2026
  12. Oct. 2026
    Permits County approves rezoning and conditional use for the Base Electron plant site (sources differ on the meeting day, Oct. 9 or Oct. 15) News report · Oct. 2026
  13. March 2027
    Power Deadline for the Base Electron plant's financial close News report · Oct. 2026
  14. Aug. 2027
    Site Initial operations targeted (company) Company · Oct. 2026
Construction activity

Since July 2026: 1 FAA filing (July 2026). FAA · July 2026

The buildings

Specs

600+ acres
campus size (company); the utility filing says 640 acres
Company · May 2026
2 buildings
under construction; ready for service 2H 2027, full capacity 2H 2028 (company)
News report · Oct. 2026
~200 jobs
full-time, expected (company)
Company · June 2026
230 ft crane
federal no-hazard determination, July 2026, evidences building work
FAA · July 2026
Who is involved

Owners, partners and builders

Owners and developers
  • Applied Digital Corporation: developer and operator; APLD BIS-01 LLC: site owner
  • Base Electron Corp.: gas plant developer; Applied Digital holds about 10%
Tenant
  • Unnamed U.S. investment-grade hyperscaler: two 15-year leases, 300 MW
Power
  • Montana-Dakota Utilities Co. (MDU Resources): electric utility
  • MISO: grid operator
  • Basin Electric Power Cooperative: nearby supplier, cannot serve full load
  • Roughrider Electric Cooperative: plans to protest the service certificate
Builders
  • Babcock & Wilcox: design-build for the Base Electron plant
  • Siemens Energy: steam turbines
Decision-makers
  • Oliver County Commission: zoning and building permits
  • North Dakota Public Service Commission: service approvals
  • City of Center: water tower and fire-suppression line
Still unknown

Open questions

Where this comes from

208 records from 40 documents

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

News report 18Company 6Dataset 6SEC filing 5Utility regulator 4State agency 2
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 (44)
  • On-site generation: not stated
    “Customer shall cause all or a portion of its Behind-the-Meter Generation and associated load reduction capability to be registered with MISO as one or more Load Modifying Resources”
    Utility regulator · Oct. 2026 · grade A
  • Rate class: MDU High Density Contracted Demand Response Rate 45 (NDPSC Volume 5, Sheet No. 30)
    “HIGH DENSITY CONTRACTED DEMAND RESPONSE Rate 45”
    Utility regulator · Oct. 2026 · grade A
  • Construction stage: under construction - two buildings (aggregate 300 MW) under construction per the Oct 7, 2026 10-Q; trade reporting in Aug 2026 described site clearing and grading; initial ready for service anticipate
    “Our two buildings at our Polaris Forge 3 campus, with an aggregate 300MW capacity, are currently under construction. We anticipate reaching initial ready for service in the second half of calendar year 2027”
    SEC filing · Oct. 2026 · grade A
  • Construction status: Both buildings under construction at Aug 31, 2026; initial ready-for-service 2H 2027, full capacity 2H 2028
    “Our two buildings at our Polaris Forge 3 campus, with an aggregate 300MW capacity, are currently under construction”
    SEC filing · Oct. 2026 · grade A
  • Power arrangement: 15-year PPA with Base Electron (signed Oct 4, 2026) for capacity and energy from an approximately 1,200 MW natural gas-fired facility Base Electron will develop in North Dakota; dedicated generation fo
    “The Power Purchase Agreement has a 15-year delivery term and provides for fixed monthly payments based on target contract capacity, and may be terminated by Base Electron if financial close for the facility has not occurred by March 31, 2027”
    SEC filing · Oct. 2026 · grade A
  • On-site generation: 1,200 MW
    “for the purchase of capacity and energy from an approximately 1,200 MW natural gas-fired generation facility to be developed by Base Electron in Center, North Dakota”
    SEC filing · Oct. 2026 · grade A
  • IT capacity: 300 MW
    “Polaris Forge 3 is a 300 MW critical IT load data center campus located in our northern United States region, currently under construction across two buildings”
    SEC filing · July 2026 · grade A
  • Buildings: 2 buildings
    “APLD has requested up to 430 MW of retail electric service to serve the two buildings comprising its AI Factory”
    Utility regulator · July 2026 · grade A
  • Utility service: 430 MW
    “APLD has requested up to 430 MW of retail electric service to serve the two buildings comprising its AI Factory”
    Utility regulator · July 2026 · grade A
  • Substation: New 345 kV switching substation on/near the site, tapping the Coyote Station-to-Center 345 kV line (unnamed)
    “a new tap that will be constructed and will connect to a new 345 kV switching substation to provide electric service the APLD AI Factory”
    Utility regulator · July 2026 · grade A
  • Substation kV: 345 kV
    “Retail electric service will be provided at transmission voltage (345 kV), consistent with the ESA”
    Utility regulator · July 2026 · grade A
  • Interconnection status: MISO Expedited Project Review (EPR) approved July 7, 2026; EPR facilities enter MTEP26 Appendix A; initial permanent service requires only the new switching substation + Coyote-to-Center RAS upgrade
    “MISO did approve Montana-Dakota's EPR study and shared the results with stakeholders on July 7, 2026”
    Utility regulator · July 2026 · grade A
  • Jurisdiction: Oliver County holds zoning/building authority over the campus (county rezone + building permits issued; no municipal annexation expected). ND PSC holds electric-service authority (NDCC ch. 49-03 CPCN; Rate
    “This Application is made pursuant to the provisions of Chapter 49-03, N.D.C.C.”
    Utility regulator · July 2026 · grade A
  • large load addition study (EPR): study approved
    “MISO did approve Montana-Dakota's EPR study and shared the results with stakeholders on July 7, 2026. The study facilities will be included in Appendix A in MISO's MTEP26”
    Utility regulator · July 2026 · grade A
  • Grid-upgrade scope for the campus (EPR): new 345 kV switching substation at the site, ~15 miles of new 345 kV line to the Nelson Lake Substation, Nelson Lake additions, Coyote-to-Center 345 kV upgrades and RAS upgrades,
    “Total costs associated with the network upgrades are estimated to be $110 million”
    Utility regulator · July 2026 · grade A
  • Interconnection status: ESA executed Jun 17, 2026 with Montana-Dakota Utilities (Rate 45) and filed for ND PSC approval Jun 26, 2026 (Case No. PU-26-235, with a companion CPCN application); approval order not located as
    “provides for the sale of all electric power required by the data center to be located near the Company's Coyote to Center 345 kV transmission line near Center”
    Utility regulator · June 2026 · grade A
  • large load interconnection request: ESA filed for Commission approval (executed Jun 17, 2026, under High Density Contracted Demand Response Rate 45); approval order not located as of Oct. 19, 2026
    “Montana-Dakota Utilities Co. (Montana-Dakota or Company), respectfully submits for Commission approval an original and seven (7) copies of an Electric Service Agreement (Agreement) between Montana-Dakota and APLD BIS-01 LLC”
    Utility regulator · June 2026 · grade A
  • large load interconnection request: Certificate of Public Convenience and Necessity application for electric service power to the facility filed the same day, under separate cover
    “An application for a Certificate of Public Convenience and Necessity for electric service power to this facility is also being filed with this Commission under its own cover letter this same day.”
    Utility regulator · June 2026 · grade A
  • electric service agreement approval: application filed
    “respectfully submits for Commission approval an original and seven (7) copies of an Electric Service Agreement (Agreement) between Montana-Dakota and APLD BIS-01 LLC”
    Utility regulator · June 2026 · grade A
  • Utility service: 430 MW
    “The maximum amount of service provided under this Agreement is 430 MW”
    Utility regulator · June 2026 · grade A
  • Utility: Montana-Dakota Utilities Co. (Montana-Dakota), a Delaware corporation; subsidiary of MDU Resources Group, Inc.
    “MONTANA-DAKOTA UTILITIES CO., a Delaware corporation with an address of 400 North Fourth Street, Bismarck, North Dakota 58501”
    Utility regulator · June 2026 · grade A
  • Grid operator: MISO (Midcontinent Independent System Operator)
    “MISO means the Midcontinent Independent System Operator, Inc.”
    Utility regulator · June 2026 · grade A
  • Electric service agreement signed: June 17, 2026
    “is made this 17th day of June 2026 (Effective Date), by and between APLD BIS-01 LLC ... and MONTANA-DAKOTA UTILITIES CO.”
    Utility regulator · June 2026 · grade A
  • Nearest power line of 345 kV or more: 0.55 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest substation of 345 kV or more: 11.45 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest gas pipeline: 29.71 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Registry status: Under construction in Oliver County ND (ground broken Aug 2026 per queue/company). A4 registry position: no ND DEQ air Permit to Construct for Polaris Forge 3 or for the related-party Base Electron 1,200
    “type Crane; STATUS=Determined - No Hazard”
    FAA · Oct. 2026 · grade B
  • Stated campus size: not stated
    “designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power”
    Company · Oct. 2026 · grade B
  • Power plan: hybrid, MDU grid service under the executed Rate 45 ESA (up to 430 MW) from first service; dedicated Base Electron 1,200 MW gas plant under a 15-year PPA (signed Oct. 4, 2026) with deliveries expected from ~20
    “Entered into a Power Purchase Agreement with Base Electron, for the purchase of capacity and energy from an approximately 1,200 MW natural gas-fired generation facility”
    Company · Oct. 2026 · grade B
  • Construction stage: clearing / early 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
  • Dedicated-generation leg: 15-year PPA + credit support agreement with Base Electron for a planned ~1,200 MW gas plant adjacent to the campus (four 300 MW B&W boilers + Siemens steam turbines; $2.4B design-build already a
    “Entered into a Power Purchase Agreement with Base Electron, for the purchase of capacity and energy from an approximately 1,200 MW natural gas-fired generation facility to be developed by Base Electron in North Dakota”
    Company · Oct. 2026 · grade B
  • Utility: Montana-Dakota Utilities Co. - electric service agreement signed June 22, 2026 to provide power to Polaris Forge 3 near Center (430 MW at full capacity); long-
    “Montana-Dakota Utilities Co., has entered into an electric service agreement (ESA) with Applied Digital Corporation to provide power to Polaris Forge 3, an AI Factory near Center, North Dakota”
    Company · June 2026 · grade B
  • Utility service: 430 MW
    “At full capacity, the campus would require 430 megawatts of electricity”
    Company · June 2026 · grade B
  • Site identity: Polaris Forge 3 - Center, Oliver County, North Dakota (northern U.S. region)
    “to provide power to Polaris Forge 3, an AI Factory near Center, North Dakota”
    Company · June 2026 · grade B
  • Utility service: 430 MW
    “At full capacity, the campus would require 430 megawatts of electricity”
    Company · June 2026 · grade B
  • Utility service: 430 MW
    “designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power”
    Company · May 2026 · grade B
  • IT capacity: 300 MW
    “designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power”
    Company · May 2026 · grade B
  • Cooling: Liquid cooling with proprietary waterless (closed-loop) cooling design
    “The campus integrates Applied Digital's proprietary waterless cooling technology, high-density power delivery, and advanced liquid-cooling architecture”
    Company · May 2026 · grade B
  • On-site plant status: not built yet
    “The Oliver County Commission rezoned agricultural parcels to industrial and approved a conditional use permit for Base Electron's proposed natural-gas power plant”
    News report · Oct. 2026 · grade C
  • Interim-supply gap is contractual, not physical: the campus's 2027-2030 supply is the MDU grid ESA (430 MW max, firm once resource-adequacy is covered); Base Electron deliveries are expected to begin in 2030 per APLD's C
    “an approximately 1,200-megawatt natural gas facility that Base Electron is developing in Center, North Dakota, adjacent to our Polaris Forge 3 campus with deliveries expected to begin in 2030”
    News report · Oct. 2026 · grade C
  • Generating units on the permit: 4 natural gas-fired boilers, 300 MW each, with steam turbine generator systems (1,200 MW total plant; 24 buildings on a 312-acre site four miles west of Center, ND)
    “Base Election's plan is to build a 1,200-megawatt natural gas-powered power plant, which would consist of four 300-megawatt natural gas-fired boilers.”
    News report · Oct. 2026 · grade C
  • Verdict: not built yet. The ~1,200 MW Base Electron gas plant west of Center, ND was still in county permitting on Oct 15, 2026 (rezoning + conditional use permit approved; building permit tabled pending state permits);
    “planned construction runs roughly 2027-2030, with peak workforce in 2028-29”
    News report · Sept. 2026 · grade C
  • Trade-press roundup of August 2026 developments reports Polaris Forge 3 has broken ground: early construction activity with site clearing and land grading under way in Oliver County - consistent with the Q1 FY27 10-Q's u
    “The 430 MW project has entered early construction activity, with site clearing and land grading underway”
    News report · Sept. 2026 · grade C
  • Generator maker and model: Babcock & Wilcox boilers; Siemens Energy steam turbine generator systems
    “The project includes four 300-MW natural gas-fired boilers and steam turbine generator systems supplied by Siemens Energy.”
    News report · March 2026 · grade C
Money and contracts (58)
  • Offtake: execution
    “for the purchase of capacity and energy from an approximately 1,200 MW natural gas-fired generation facility to be developed by Base Electron in Center, North Dakota”
    SEC filing · Oct. 2026 · grade A
  • Offtake: capacity 1,200 MW gross
    “for the purchase of capacity and energy from an approximately 1,200 MW natural gas-fired generation facility to be developed by Base Electron in Center, North Dakota”
    SEC filing · Oct. 2026 · grade A
  • electric service agreement (Rate 45): redaction finding
    “Attachment B - select provisions of the Electric Service Agreement containing rate and cost-related information as well as information related to the customer's operational details”
    Utility regulator · Aug. 2026 · grade A
  • Tenant lease: capacity 300 MW critical IT
    “Polaris Forge 3 is a 300 MW critical IT load data center campus located in our northern United States region, currently under construction across two buildings”
    SEC filing · July 2026 · grade A
  • Tenant lease: term 15 years
    “The aggregate 300 MW of critical IT load is contracted under two approximately 15-year leases (with three five-year renewal options) with a high investment-grade hyperscaler”
    SEC filing · July 2026 · grade A
  • Tenant lease: renewal
    “The aggregate 300 MW of critical IT load is contracted under two approximately 15-year leases (with three five-year renewal options) with a high investment-grade hyperscaler”
    SEC filing · July 2026 · grade A
  • tenant lease: scope not named end customer identity
    “entered into a data center lease with the second U.S. based investment grade hyperscaler to deliver a combined 300MW of critical IT load to support the second hyperscaler's AI and HPC infrastructure at Polaris Forge 3”
    SEC filing · July 2026 · grade A
  • tenant lease: contract value 7500000000 USD contracted revenue, approx., base term
    “representing approximately $7.5 billion of contracted revenue over the base term, with expected delivery beginning in the second half of calendar year 2027 through the second half of calendar year 2028”
    SEC filing · July 2026 · grade A
  • facility service agreement (transmission network upgrades): scope 110000000 USD
    “All costs associated with the network upgrades identified in the EPR study will be charged to APLD through a facility service agreement (FSA)”
    Utility regulator · July 2026 · grade A
  • facility service agreement (transmission network upgrades): scope detail
    “approximately fifteen miles of 345 kV transmission to be built from the 345 kV switching station to the Nelson Lake Substation”
    Utility regulator · July 2026 · grade A
  • electric service agreement (Rate 45): facilities cost
    “In no event will Montana-Dakota's other customers be held responsible for cost of facilities to provide service to the Center facility”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): scope 430 MW
    “The maximum amount of service provided under this Agreement is 430 MW”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): term 15 years
    “remain in full force and effect for a period extending for fifteen (15) years from the later of the Service Commencement Date or August 28, 2027”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): extension 5 years
    “This Agreement may be extended upon mutual agreement of both Parties for additional five (5) year terms subject to approval of the NDPSC”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): condition precedent
    “Approval by NDPSC of this Agreement without modification, or with modifications acceptable to the Parties”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): condition precedent
    “Approval by the NDPSC of a waiver of the High Density Contracted Demand Response Rate 45 (Rate 45) allowing for a fifteen (15) year term”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): condition precedent
    “Approval of the expedited project review (EPR) for the large load addition study by MISO”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): termination
    “In the event that the Conditions Precedent are not met or waived by July 31, 2028, either Party may terminate this Agreement upon 30 days notice”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): termination
    “If Customer commits any other breach of this Agreement ... and such breach is not cured within thirty (30) days after written notice is provided to Customer”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): termination
    “If Customer fails to timely submit any payment or prepayment related to resource adequacy charges as described in Exhibit B, and such failure is not cured within fifteen (15) days”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): curtailment
    “Company shall not interrupt Customer's electric service for economic dispatch, system optimization, or similar non-reliability reasons”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): demand response
    “There shall be no fixed annual limit on the number or duration of Demand Response Events to the extent such events are driven by MISO reliability requirements”
    Utility regulator · June 2026 · grade A
  • electric service agreement (Rate 45): payment terms
    “Customer agrees to pay all Bi-Weekly Invoices within five (5) business days from the invoice date. Customer agrees to pay all Monthly Invoices within twenty-two (22) calendar days”
    Utility regulator · June 2026 · grade A
  • Stated capital cost: not stated
    “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
  • data center lease (take-or-pay): termination
    “The leases represent approximately $7.5 billion in total contracted value over an estimated 15-year take-or-pay term”
    Company · Oct. 2026 · grade B
  • Tenants: Unnamed U.S.-based high investment-grade (tier-one) hyperscaler, same tenant as Delta Forge 1 and Delta Forge 2
    “Delta Forge 1, Polaris Forge 3, and Delta Forge 2 [are leased] to a tier-one investment-grade hyperscaler”
    Company · Oct. 2026 · grade B
  • Financing: No project-level financing for Polaris Forge 3 closed as of Oct. 18, 2026; APLD's Q1 FY27 release enumerates the quarter's closings (ComputeCo 3 notes for Polaris Forge 1 Building 3) and none is for this campus
    “Closed $1.59 billion of 7.000% Senior Secured Notes due 2031, issued at par through subsidiary APLD ComputeCo 3 LLC, to fund construction of the third HPC building (150 MW) at Polaris Forge 1”
    Company · Oct. 2026 · grade B
  • power purchase agreement + credit support agreement: scope 1,200 MW
    “Entered into a Power Purchase Agreement with Base Electron, for the purchase of capacity and energy from an approximately 1,200 MW natural gas-fired generation facility”
    Company · Oct. 2026 · grade B
  • power purchase agreement + credit support agreement: related party
    “Base Electron Corp., an independent power producer in which Applied Digital holds an approximately 10% equity interest, is developing front-of-the-meter generation”
    Company · Oct. 2026 · grade B
  • Portfolio context (NOT campus figures): at Aug 31, 2026 APLD had ~1.41 GW of critical IT capacity leased across five campuses (~$36B base-term contracted revenue; ~$86B with renewals) and ~$6.4B of total debt; Polaris Forge
    “the Company has leases for approximately 1.41 GW of critical IT load across five campuses”
    Company · Oct. 2026 · grade B
  • APLD Cares committed $350,000 in grants across five Oliver County organizations (sheriff's deputy, school devices, ambulance and fire equipment, community facilities), community-relations spend disclosed alongside Q1 FY
    “committed $350,000 in grants across five organizations in Oliver County, North Dakota, home to Polaris Forge 3, supporting first responders, schools, and community facilities”
    Company · Oct. 2026 · grade B
  • Tenants: unnamed U.S.-based high investment-grade hyperscaler (identity not disclosed)
    “Signed a second 15-year take-or-pay lease with the same high investment-grade hyperscaler for 300 MW at Polaris Forge 3, which provides for approximately $7.5 billion in base-term contracted revenue”
    SEC filing · July 2026 · grade B
  • Tenant lease: execution
    “Signed a second 15-year take-or-pay lease with the same high investment-grade hyperscaler for 300 MW at Polaris Forge 3, which provides for approximately $7.5 billion in base-term contracted revenue”
    SEC filing · July 2026 · grade B
  • Tenant lease: contract value 7500000000 USD
    “Signed a second 15-year take-or-pay lease with the same high investment-grade hyperscaler for 300 MW at Polaris Forge 3, which provides for approximately $7.5 billion in base-term contracted revenue”
    SEC filing · July 2026 · grade B
  • Offtake: execution
    “At full capacity, the campus would require 430 megawatts of electricity”
    Company · June 2026 · grade B
  • Offtake: capacity 430 MW utility
    “At full capacity, the campus would require 430 megawatts of electricity”
    Company · June 2026 · grade B
  • Land purchase (recorded deed): contract value USD
    “Recorded: May 22, 2026 · Grantor: HENKE · Grantee: APLD BIS-01 LLC · Parcel number: 10094000 · City: JUDSON”
    County deed records · May 2026 · grade B
  • Tenant status: unnamed US-based high investment-grade hyperscaler under executed 15-year take-or-pay leases (300 MW IT, about $7.5B base-term contracted revenue); the same hyperscaler as at Delta Forge 1; identity not di
    “it has entered into a long-term lease agreement with the same U.S. based high investment-grade hyperscaler that previously signed at Delta Forge 1”
    Company · May 2026 · grade B
  • Tenant status: signed
    “it has entered into a long-term lease agreement with the same U.S. based high investment-grade hyperscaler that previously signed at Delta Forge 1”
    Company · May 2026 · grade B
  • Name: Applied Digital Polaris Forge 3
    “The agreement is for the Company's fourth AI Factory campus, Polaris Forge 3”
    Company · May 2026 · grade B
  • Tenant status: signed lease, 15-year take-or-pay (announced May 20, 2026)
    “15-year take-or-pay leases with the same U.S. based high investment-grade hyperscaler previously signed at Delta Forge 1”
    Company · May 2026 · grade B
  • Announced: May 20, 2026
    “today announced it has entered into a long-term lease agreement with the same U.S. based high investment-grade hyperscaler that previously signed at Delta Forge 1”
    Company · May 2026 · grade B
  • Tenant lease: execution
    “it has entered into a long-term lease agreement with the same U.S. based high investment-grade hyperscaler that previously signed at Delta Forge 1”
    Company · May 2026 · grade B
  • data center lease (take-or-pay): scope 300 MW
    “designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power”
    Company · May 2026 · grade B
  • data center lease (take-or-pay): term 15 years
    “15-year take-or-pay leases with the same U.S. based high investment-grade hyperscaler previously signed at Delta Forge 1”
    Company · May 2026 · grade B
  • data center lease (take-or-pay): value 7500000000 USD
    “valued at approximately $7.5 billion in base-term contracted revenue”
    Company · May 2026 · grade B
  • data center lease (take-or-pay): renewal options 18200000000 USD
    “Including all renewal options, the agreements carry a total potential value of up to approximately $18.2 billion”
    Company · May 2026 · grade B
  • design-build (EPC) agreement: scope 2400000000 USD
    “received full notice to proceed on a $2.4 billion design-build agreement with Base Electron ... to deliver 1.2 gigawatts (GW) of new generation capacity”
    Company · March 2026 · grade B
  • design-build (EPC) agreement: scope detail 1,200 MW
    “The project includes four 300-megawatt natural gas-fired boilers and steam turbine generator systems”
    Company · March 2026 · grade B
  • design-build (EPC) agreement: option 1,200 MW
    “Base Electron Evaluating Option for an Additional 1.2 Gigawatts of Power”
    Company · March 2026 · grade B
  • Incentives: not stated
    “the proposed development is expected to double the county's taxable value, increase the taxable value of the Center-Stanton School District by approximately 40% and create about 200 full-time jobs”
    News report · Oct. 2026 · grade C
  • Base Electron confidentially filed for a US IPO (Reuters, Oct 9, 2026) five days after signing the PPA, no public S-1 exists to open; plant financial close (deadline Mar 31, 2027 under the PPA) is the single largest ope
    “Power infrastructure firm Base Electron said on Friday it had confidentially filed for a U.S. initial public offering”
    News report · Oct. 2026 · grade C
  • power purchase agreement + credit support agreement: term 15 years
    “The agreement has a 15-year delivery term and provides for fixed monthly payments based on target contract capacity”
    News report · Oct. 2026 · grade C
  • power purchase agreement + credit support agreement: termination
    “Base Electron may terminate it if financial close for the facility has not occurred by March 31, 2027”
    News report · Oct. 2026 · grade C
  • power purchase agreement + credit support agreement: nondisclosure finding
    “The filing does not disclose the payment amount, the target contract capacity, the energy price or the terms of the credit support agreement”
    News report · Oct. 2026 · grade C
  • County fee signal: Oliver County's permit-fee formula (greater of $200 or 0.1% of project cost, plus $1/acre over 10 acres) produced a ~$2.4M bill for Base Electron's plant, an independent cross-check on the ~$2.4B plan
    “Base Electron, a power plant company seeking to develop a facility in Oliver County, is seeking relief from what currently stands as a $2.4 million tab under the current conditional building permit fee structure”
    News report · Oct. 2026 · grade C
  • water tower / water line agreement (three-way): scope
    “Council voted unanimously to approve the three-way agreement pending the decision of its city engineer, so the project could move forward on schedule”
    News report · Sept. 2026 · grade C
  • demand promissory note (related party): value 100000000 USD
    “Applied Digital also held a related party demand promissory note from Base Electron of up to $100 million, with $58.5 million of principal outstanding”
    News report · Aug. 2026 · grade C
Permits and government (30)
  • protective order (trade secret): staff response filed
    “On June 26, 2026, Montana-Dakota Utilities Co. (the Company), filed an Application for a Protective Order Pursuant to N.D. Admin. Code § 69-02-09-01”
    Utility regulator · Aug. 2026 · grade A
  • Opposition: Organized Oliver County resident opposition: March 2026 due-diligence demands led to a 180-day county moratorium (repealed ~3 weeks later); P&Z board recommended rezoning denial 4-3 (May 2026); Commissioner S
    “Because Roughrider Cooperative has stated its intent to protest this Application, Montana-Dakota is providing this testimony”
    Utility regulator · July 2026 · grade A
  • certificate of public convenience and necessity (temporary authority): temporary authority permit issued (referenced as attached)
    “The Temporary Authority Permit is attached as Exhibit B”
    Utility regulator · July 2026 · grade A
  • certificate of public convenience and necessity (permanent authority): application filed; protest stated
    “submits for Commission approval ... the Company's Application for Permanent Authority and supporting Testimony to provide electric service to APLD BIS-01 for switch yard service”
    Utility regulator · July 2026 · grade A
  • FAA status: One attributable FAA case at the site: crane 2026-AGL-11219-OE ('APLD BIS 01 and BIS 02', 230 ft, Determined - No Hazard, submitted July 10, 2026). The other 22 cases in the two 5-NM circles are a neighboring wi
    “FAA OE/AAA circle pulls at 47.115409,-101.340326 and 47.1164,-101.2977 (5 NM, 2021-2026): 23 and 11 cases”
    FAA · Oct. 2026 · grade B
  • FAA OE/AAA aeronautical study: Determined - No Hazard
    “type Crane; STATUS=Determined - No Hazard”
    FAA · July 2026 · grade B
  • FAA OE/AAA filings evidence building construction at Applied Digital's Polaris Forge 3 campus near Center ND: a 230-ft crane filed as 'APLD BIS 01 and BIS 02', submitted July 10, 2026 at the site about 4 mi west of Center
    “ASN 2026-AGL-11219-OE: APLD BIS 01 and BIS 02, Crane, 230 ft AGL, 2423 ft AMSL, 47.10326,-101.39088, Determined - No Hazard, submitted 2026-07-10”
    FAA · July 2026 · grade B
  • MDU's ESA announcement disclosed the campus location (Center, ND) a month after APLD's lease announcement had kept the state unnamed; ND PSC approval of the ESA and CPCN is a gating condition, both cases (PU-26-235, PU-
    “has entered into an electric service agreement (ESA) with Applied Digital Corporation (APLD) to provide power to Polaris Forge 3, an AI Factory near Center, North Dakota”
    Company · June 2026 · grade B
  • generation siting certificate (NDCC 49-22.1): not filed (searched)
    “said state air and site permits will take months before breaking ground”
    News report · Oct. 2026 · grade C
  • air quality permit to construct: not filed (searched)
    “state air and site permits will take months”
    News report · Oct. 2026 · grade C
  • County rezoning + conditional use permit: rezoning and CUP approved Oct 15, 2026; building and temporary-use permits tabled pending state water, pipeline and other approvals
    “The Oliver County Commission rezoned agricultural parcels to industrial and approved a conditional use permit for Base Electron's proposed natural-gas power plant”
    News report · Oct. 2026 · grade C
  • rezoning + conditional use permit (dedicated generation plant site): approved (3-0 / 3-0); building and temporary-use permits tabled
    “The commission voted 3-0 to approve the rezoning request and 3-0 to approve the conditional use permit”
    News report · Oct. 2026 · grade C
  • Oliver County Commission: Base Electron: rezoning, conditional use permit (CUP 1105), building permit, temporary use permit
    “The commission voted 3-0 to approve the rezoning request and 3-0 to approve the conditional use permit”
    News report · Oct. 2026 · grade C
  • Oliver County Planning & Zoning Board: Base Electron rezoning application 1105 (advisory) and CUP findings for the commission
    “planning board failed to approve rezoning application 1105 for Base Electron (motion failed)”
    News report · Oct. 2026 · grade C
  • Center City Council: Three-way agreement: water tower west of Center + water line to the city; second line south to the data center for fire suppression
    “Council voted unanimously to approve the three-way agreement pending the decision of its city engineer”
    News report · Oct. 2026 · grade C
  • rezoning (dedicated generation plant site): preliminary hearing held; rezoning tabled (unanimous)
    “the board voted unanimously to table the rezoning for further review”
    News report · Sept. 2026 · grade C
  • Oliver County Planning & Zoning Board: Base Electron rezoning (312 acres, ag to industrial), preliminary public hearing
    “Oliver County planning and zoning held a preliminary public hearing on rezoning 312 acres for Base Electron's proposed 1,200-megawatt natural-gas power plant”
    News report · Sept. 2026 · grade C
  • building permit: approved
    “Commissioners voted to approve building permit 1103 for an Applied Digital facility after prolonged public comment”
    News report · Sept. 2026 · grade C
  • Oliver County Commission: Applied Digital building permit 1103; Base Electron permit-fee relief request
    “Commissioners voted to approve building permit 1103 for an Applied Digital facility after prolonged public comment and several commissioners urged caution”
    News report · Sept. 2026 · grade C
  • Decommissioning gap debated at the ND legislature's AI/Data Center Committee (Aug 31, 2026): no reclamation/decommissioning provisions exist for ND data centers; PSC Chair Christmann offered to build a program if the leg
    “If you want a reclamation program for AI centers, we can create that, but you need to give us some guidance on how extensive you want it to be”
    News report · Aug. 2026 · grade C
  • building permit: approved with conditions (2-1)
    “During its regular meeting July 7, the Oliver County Commission voted 2-1 to approve the permit”
    News report · July 2026 · grade C
  • Oliver County Commission: Applied Digital building permit (data center)
    “Commissioners Bradley Dahl and Lee Husfloen voted to approve the permit application while Commissioner Rob Schmidt voted against it”
    News report · July 2026 · grade C
  • Water use stated: No process cooling water (waterless design); Oliver County rezoning conditions required off-site water for cooling systems and barred aquifer injection; city water serves fire suppression via a new Cent
    “conditions tied to approval of the rezoning request, including completion of a sound study before issuance of a building permit, submission of a site plan, highway access planning, use of off-site water for cooling systems, restrictions on aquifer injection”
    News report · May 2026 · grade C
  • Rezoning date: May 2026
    “Following more than two hours of testimony and discussion, the Planning and Zoning Board voted 4-3 to recommend denial of the application”
    News report · May 2026 · grade C
  • rezoning (agricultural to industrial): approved with conditions
    “Dahl proposed several conditions tied to approval of the rezoning request, including completion of a sound study before issuance of a building permit”
    News report · May 2026 · grade C
  • Oliver County Planning & Zoning Board + County Commission (joint hearing, week of May 18-22, 2026): Applied Digital rezoning, agricultural to industrial (data center site)
    “The county's Planning and Zoning Board first held a joint hearing with the commission to consider Applied Digital's request to rezone land from agricultural to industrial use”
    News report · May 2026 · grade C
  • County officials issued an emergency declaration tied to credible threats of violence associated with the project less than 34 hours before the May 2026 rezoning meetings, changing the meeting location and format
    “The meetings came less than 34 hours after county officials issued an emergency declaration tied to credible threats of violence associated with the project”
    News report · May 2026 · grade C
  • Oliver County Commission: Moratorium repeal; Applied Digital rezoning application filed the next day
    “Three weeks later, the commission voted to repeal the moratorium”
    News report · April 2026 · grade C
  • Oliver County Commission: Data center moratorium, residents demanded due diligence before greenlighting the proposed 430 MW data center
    “the Oliver County Commission approved a 180-day moratorium to give the county time to assess the potential impacts”
    News report · March 2026 · grade C
  • Oliver County's first response to the project was a 180-day data-center moratorium (March 2026) after residents demanded due diligence; it was repealed about three weeks later and APLD filed its rezoning application the
    “In March 2026, after hearing from several residents who demanded that the county do its due diligence before greenlighting the data center, the Oliver County Commission approved a 180-day moratorium”
    News report · March 2026 · grade C
Legal (1)
  • Owner companies: APLD BIS-01 LLC (Delaware LLC), site owner; MDU ESA customer of record
    “APLD BIS-01 LLC, a Delaware limited liability company with an address of 3811 Turtle Creek Blvd Suite 2100, Dallas, TX 75219 (Customer)”
    Utility regulator · June 2026 · grade A
Site and other (15)
  • Minimum bill terms: No minimum-billing percentage or floor is stated in the public record; Rate 45 bills all incremental costs of service monthly under the ESA, whose Exhibit B charges are filed under trade-secret protec
    “Customers taking service under this rate schedule shall be billed any and all incremental costs required to provide electric service to customers each month”
    Utility regulator · Oct. 2026 · grade A
  • Address: Section 24, Township 142N, Range 85W, Oliver County, ND (near Center; approx. 1 mile east of Hannover, 5 miles north of Center)
    “switch yard service at a site located in Section 24, Township 142N, Range 85W in Oliver County, near Center, North Dakota”
    Utility regulator · July 2026 · grade A
  • Acres: 640 acres
    “serve APLD BIS-01 LLC for the operation of their 640 acre AI Factory complex near Center, ND”
    Utility regulator · July 2026 · grade A
  • Collateral: Credit support is required under the ESA (customer must maintain Credit Support, e.g. to secure disputed capacity charges); amounts and instruments are redacted as trade secret
    “Company may not terminate if Customer continues to pay all undisputed amounts when due and maintains Credit Support sufficient to secure the disputed amount”
    Utility regulator · June 2026 · grade A
  • County code: 38065
    “FCC census block find for latitude 47.115409 longitude -101.340326 returned County FIPS 38065, name Oliver County, block 380659612001199”
    Dataset · Oct. 2026 · grade B
  • Operator: Applied Digital Corporation
    “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
  • Stage: building on track
    “Polaris Forge 1, 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: Aug. 2027
    “Applied Digital anticipates initial operations to commence in August 2027”
    Company · Oct. 2026 · grade B
  • MDU's ESA announcement states the campus is expected to create approximately 200 full-time jobs in Oliver County - a forward-looking company figure, not postings
    “This campus is expected to create approximately 200 full-time jobs”
    Company · June 2026 · grade B
  • Campus expected to create approximately 200 full-time jobs (APLD CEO statement in MDU's ESA release; repeated by APLD counsel to Oliver County). Base Electron plant separately projects ~65 operations staff and a construc
    “This campus is expected to create approximately 200 full-time jobs, generate meaningful property tax revenue and support long-term growth across Oliver County”
    Company · June 2026 · grade B
  • Site acres: 600 acres
    “Polaris Forge 3 spans more than 600 acres and is engineered from the ground up for high-density AI workloads”
    Company · May 2026 · grade B
  • Developer: Applied Digital Corporation (NASDAQ: APLD)
    “Applied Digital (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers”
    Company · May 2026 · grade B
  • Acres: 600 acres
    “Polaris Forge 3 spans more than 600 acres and is engineered from the ground up for high-density AI workloads”
    Company · May 2026 · grade B
  • Original target date: Aug. 2027
    “Initial operations at Polaris Forge 3 are anticipated to commence in August 2027”
    Company · May 2026 · grade B
  • Phases: 2 buildings; initial ready-for-service 2H 2027, full capacity 2H 2028 (company phasing as reported from the 10-Q)
    “Polaris Forge 3 is under construction and leased, with initial ready for service anticipated in the second half of 2027”
    News report · Oct. 2026 · grade C

Imagery and records: County deeds: ATTOM.