"Applied Digital Reaches Fresh 52-Week Peak: Reasons From Analysts Suggest Further Increase in APLD Shares"
Applied Digital's AI-Focused Campus Expansion in North Dakota
In Ellendale, North Dakota, Applied Digital (APLD) is constructing Polaris Forge, an AI-centric campus, with two massive data centers underway. The first, Polaris Forge 1, currently has a 100 MW data center in the final stages of its first phase, while another 150 MW facility is in the foundational and precast erection stage.
Polaris Forge 1, with a total IT load capacity of 250 MW, is poised to become a cornerstone of U.S. AI infrastructure, offering high-density, AI-optimized, and dependable power infrastructure. Commissioning is progressing on schedule, and backup power generation capacity is expanding rapidly.
Meanwhile, Polaris Forge 2, a $3 billion, 280 MW AI Factory planned near Harwood, North Dakota, is set to break ground in September 2025 and come online in 2026. This project, designed for initial operations in 2026 and full capacity by early 2027, will further reinforce North Dakota’s strategic importance in AI infrastructure and support surging demand from hyperscalers, enterprises, and research organizations. APLD is in advanced negotiations with a U.S.-based investment-grade hyperscaler for this campus.
These expansions are part of APLD's strategy to meet accelerating AI compute demands through high-density, energy-reliable, and scalable infrastructure expansion in North Dakota, a key U.S. hub for AI and HPC.
Applied Digital initially gained traction by providing infrastructure services for crypto mining, but has since expanded into larger opportunities in high-performance computing (HPC) and artificial intelligence (AI). The company's multi-gigawatt development pipeline and long-term contracts are likely to accelerate its revenue growth rate.
Wall Street maintains a "Strong Buy" consensus rating on Applied Digital stock, which has soared 130% in just three months and hit a fresh 52-week high of $16.92 on Aug. 18. The highest price target for APLD stock is $24, reflecting about 54% upside from current price levels.
| Project | Location | Capacity (MW) | Status (as of mid-2025) | Future Plans | Timeline | |----------------|----------------|----------------------|-------------------------------------|--------------------------------------------|--------------------------| | Polaris Forge 1| Ellendale, ND | Building 1: 100 MW; Building 2: 150 MW | Building 1 substantially complete phase 1; commissioning ongoing; Building 2 foundation underway | Support next-gen AI infrastructure with 250 MW total | Commissioning ongoing; Building 2 progressing | | Polaris Forge 2| Harwood, ND | 280 MW initial, scalable beyond | Planned construction start September 2025 | $3 billion AI Factory; advanced hyperscaler talks | Construction starts Sep 2025; operations in 2026; full capacity early 2027 |
Sources: [1] Applied Digital Press Release, link [2] Applied Digital Press Release, link [3] Applied Digital Press Release, link [4] Applied Digital Press Release, link [5] Applied Digital Q4 2025 Reporting, link
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