On May 21, Applied Digital rose 8.65% in pre-market trading, trading at $42.75/share, with trading volume of $324,600. The stock surged after the company announced a significant new lease agreement with a major US hyperscale cloud provider.

Applied Digital disclosed that it has signed a lease agreement with the same US high-investment-grade hyperscaler that previously contracted at Delta Forge 1. The new deal covers the company's fourth AI factory campus, Polaris Forge 3, located in a northern state. The facility is designed to deliver 300 megawatts of critical IT load, supported by approximately 430 megawatts of grid-connected utility power, and is expected to begin initial operations in August 2027. The transaction brings Applied Digital's total contracted lease revenue across its four AI Factory campuses to $31 billion, with potential value reaching $73 billion if all renewal options are exercised. Management stated this validates the company's rigorous, repeatable AI factory model and its capability to continuously advance large-scale AI infrastructure projects.

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