Applied Digital (APLD.US) jumped 15% to $16.35 per share after announcing the start of construction on a massive $3 billion AI data center, Polaris Forge 2, in Harwood, North Dakota, beginning this September. The facility, designed with an initial capacity of 280 megawatts and the ability to scale further, is expected to launch operations in 2026 and reach full capacity by early 2027. The company has already secured over 900 acres of land and energy supply through Cass County Electric Cooperative, with plans to hire more than 200 full-time employees.
The new investment expands the company’s operations from its existing Polaris Forge 1 site in Ellendale and reflects rising demand for AI computing infrastructure, particularly from hyperscalers and research institutions. CEO Wes Cummins revealed that Applied Digital is already in advanced negotiations with a U.S.-based hyperscaler, highlighting strong commercial interest even before construction begins. The project has also received support from local authorities and cooperatives, who emphasize its positive economic and labor market impact.
Applied Digital, founded in 2001 and headquartered in Dallas, designs and operates AI-optimized data centers for workloads in artificial intelligence, blockchain, cloud, and networking. The company utilizes proprietary waterless cooling technology. The stock set a new all-time high today following the announcement of the new investment.
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