CoreWeave lease credit enhancements at Polaris Forge 1
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Applied Digital restructured leases with CoreWeave for 100 MW (ELN-02) and 150 MW (ELN-03) facilities at Polaris Forge 1, with CoreWeave SPV obtaining A3 investment-grade rating and CoreWeave Inc. posting a $50 million letter of credit.
Source (primary)
applied-digital 8-K exhibit (apldq326earningsrelease.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-10)Live source ↗
Quote: “Entered into agreements with CoreWeave intended to enhance the credit quality of the tenants under the 100 MW (ELN-02) and 150 MW (ELN-03) data center leases at the Polaris Forge 1 campus in Ellendale, North Dakota. As part of CoreWeave's refinancing of related debt obligations, which received an investment-grade A3 rating (compared to CoreWeave Inc.'s BB rating), the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc., guaranteeing CoreWeave's SPV's obligations under the restructured leases, and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease.”
How we checked this
Checked on September 20, 2026. The cited source supports every part of this claim.
The source establishes the lease restructuring, the A3-rated SPV refinancing, and the $50 million letter of credit.
Confirmed in the source:
- Applied Digital restructured its CoreWeave leases for the 100 MW (ELN-02) and 150 MW (ELN-03) facilities at Polaris Forge 1
- CoreWeave's related debt refinancing received an investment-grade A3 rating through a CoreWeave SPV subsidiary
- CoreWeave, Inc. posted a $50 million letter of credit securing the ELN-02 lease
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487926000029/apldq326earningsrelease.htm) in full (46,258 characters, retrieved September 10, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (apldq326earningsrelease.htm)
Quote: “Entered into agreements with CoreWeave intended to enhance the credit quality of the tenants under the 100 MW (ELN-02) and 150 MW (ELN-03) data center leases at the Polaris Forge 1 campus in Ellendale, North Dakota. As part of CoreWeave's refinancing of related debt obligations, which received an investment-grade A3 rating (compared to CoreWeave Inc.'s BB rating), the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc., guaranteeing CoreWeave's SPV's obligations under the restructured leases, and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease.”