Applied Digital has secured over 900 acres for its North Dakota data center project, which will have an initial capacity of 280 megawatts.
Applied Digital Corporation (APLD) announced on Monday that it plans to begin construction on its next-generation AI campus, dubbed Polaris Forge 2, near Harwood, North Dakota, in September 2025. The $3 billion project aims to support the growing demand for high-performance computing.
The facility will have an initial capacity of 280 megawatts (MW) and is built to allow expansion beyond that threshold. Partial operations are slated to begin in 2026, with full-scale functioning expected by early 2027.
Applied Digital stock traded over 17% higher on Monday morning. On Stocktwits, retail sentiment around the stock remained in ‘neutral’ territory amid ‘low’ message volume levels.
A bullish user called the announcement ‘big news’.
Another user said the company is the ‘best AI data center builder’.
The company has secured over 900 acres for the project and arranged power delivery through Cass County Electric Cooperative. Once fully operational, the campus will create more than 200 permanent jobs and additional opportunities for long-term contractors.
CEO Wes Cummins described the Harwood site as the next phase in the company’s trajectory, citing strong interest from hyperscalers. He noted that North Dakota’s strategic environment makes it an ideal location for development.
“We have strong interest from multiple parties and are in advanced negotiations with a U.S.-based investment-grade hyperscaler for this campus, making it both timely and prudent to proceed with groundbreaking and site development,” said Cummins.
Applied Digital also received a vote of confidence from Craig-Hallum on Monday, which doubled its price target on the company’s shares to $23 from $12, while reaffirming a ‘Buy’ rating, as per TheFly.
The firm pointed to encouraging signs in the data center industry, particularly recent private transactions, creating attractive valuations. Despite these positive indicators, Craig-Hallum said Applied Digital’s stock does not yet reflect the fair value of its asset base or its development pipeline.
Applied Digital stock has gained over 117% in 2025 and over 303% in the last 12 months.
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