Overview
- CoreWeave expanded its lease at the Polaris Forge 1 campus to the full 400 MW, underpinning roughly $11 billion in 15-year contracted revenue.
- Applied Digital leased 200 MW at Polaris Forge 2 to an unnamed U.S. hyperscaler on a 15-year term, adding about $5 billion to the backlog.
- The company is building high-density, liquid-cooled data centers designed for AI training and inference workloads.
- Tenant fit-out services generated $26.3 million in first-quarter revenue, with management indicating higher second-quarter contributions.
- Analysts project fiscal 2026 revenue of $297.3 million, highlighting that recognized sales will scale over multiple years relative to the backlog.