• Applied Digital recently broke ground on its Delta Forge 1 AI Factory campus in the southern U.S., designed for 430 MW of utility power and up to 300 MW of critical IT load, while also arranging a US$50 million senior secured note to fund the Polaris Forge 2 site.
• Together with very large, long-term AI data center leases and rapid revenue expansion, these moves highlight Applied Digital’s shift from development-focused crypto roots toward operating large-scale, purpose-built AI infrastructure campuses for hyperscale customers.
• We’ll now examine how the push into high-density AI factories and hyperscale leasing reshapes Applied Digital’s investment narrative amid rapid expansion.

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