Applied Digital has signed a 15-year, $7.5 billion lease for its fourth AI Factory campus, Polaris Forge 3, with a U.S.-based investment-grade hyperscaler. This agreement increases the company's total contracted revenue to $31 billion across four campuses, with 65% of this revenue backed by investment-grade hyperscalers. Polaris Forge 3, set to begin operations in August 2027, will support 300 megawatts of critical IT load and is engineered for high-density AI workloads. The Dallas-based AI infrastructure provider, which also engages in bitcoin mining and data center development, announced the deal on May 20, 2026. The lease could reach a value of $18.2 billion if all renewal options are exercised. Applied Digital now holds 1,200 MW of contracted AI capacity and is marketing an additional 1.7 GW of power. The company's shares have risen 6.8% over the past five days and are up more than 85% year-to-date.