Applied Digital signed a $5 billion, 15-year lease with an unnamed "U.S. Based Investment Grade Hyperscaler" for 200 MW at Polaris Forge 2 campus. CEO Wes Cummins identified the five U.S. hyperscalers as Microsoft, Meta, Oracle, Amazon, and Google. The company already has CoreWeave as a tenant at Polaris Forge 1, and this represents their second major hyperscaler partnership in North Dakota.

Resolution Criteria: Market resolves when Applied Digital Corporation officially identifies the hyperscaler tenant through press releases, SEC filings, or verified company communications. If no official disclosure occurs by April 18, 2026, market resolves to "Other/Undisclosed." Sources include Applied Digital's investor relations page (https://ir.applieddigital.com/) and major financial news outlets.