Who Applied Digital buys from and sells to
Builds and leases high-density AI data-centre campuses in North Dakota to GPU clouds and hyperscalers.
Buys from 2
- Macquarie Asset Managementpreferred equity funding for the HPC campuses
- VertivVRTpower and cooling equipment for the halls
Sells to 2
- CoreWeaveCRWV400 MW at Polaris Forge 1, Ellendale~$11B of ~15-year leases
- Investment-grade hyperscaler200 MW at Polaris Forge 2, Harwood~$5B ~15-year lease
Where the chain could break
- Polaris Forge 1 has one tenant, CoreWeave, rated BB
- Construction funded by debt and preferred equity ahead of rent
Competes with
- Core ScientificCORZleased capacity for CoreWeave
- Galaxy DigitalGLXYthe same, in Texas
- Cipher MiningCIFRAI campuses for hyperscalers
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.