Applied Digital stock jumped 10% Friday morning after the company reported bringing another 75 megawatts of data center capacity online at its flagship Polaris 1 campus in North Dakota.
That brings Polaris' total operational capacity up to 250 MW. The latest delivery consisted of three separate 25-MW data halls and completes the site's second building, which accounts for 150 MW.
The campus is located in Ellendale, near the North Dakota-South Dakota border. Currently, Polaris is fully leased to AI cloud provider CoreWeave and is expected to deliver 400 MW after it's fully built out.
"Securing power is only the starting point," Applied Digital Chairman and CEO Wes Cummins said in a statement. "The real work is designing, building, commissioning, and operating the infrastructure that transforms those megawatts into usable capacity for customers."
VanEck's head of digital assets research, Matthew Sigel, pointed out in an X post that the remaining 150 MW are slated for delivery in the first half of 2027.
With Applied Digital due to report earnings next Wednesday, Sigel predicted it could be among the first companies in the sector to begin providing financial guidance, pointing to its delivery progress alongside Core Scientific. Shares of CORZ were up 2.4% on Friday, putting the stock just a few percent in the green year-to-date.
Applied Digital got its start in 2021 as Applied Blockchain, which mined cryptocurrency before pivoting into AI compute. Then, in late 2022, it began to pivot into launching AI cloud services and expanding its AI-ready infrastructure.