Applied Digital's Polaris Forge 1 Fully Powered, Has the Bull Case Changed?

Applied Digital (APLD) has completed the second phase of its Polaris Forge 1 AI Factory Campus, reaching full 100 MW capacity under long-term hyperscale AI leases. This milestone underscores the company's shift toward recurring AI infrastructure income and has raised the focus on execution risk around leverage, construction timelines, and client commitment. The up to $5.0 billion perpetual preferred equity facility with Macquarie Asset Management supports Applied Digital's ability to fund both Polaris Forge 1 and 2 without relying solely on common equity, tempering balance sheet and refinancing risk.