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Three new campuses with $20B contracted lease value

Company: Applied Digital - Project: Polaris Forge 3

This claim was withdrawn on September 21, 2026. The source attributes the 1.41 GW to the full $36B contracted total, and states the three campuses total 810 megawatts, not 1.41 gigawatts, so tying that capacity to the three $20B campuses is contradicted.

How this was decided: Evidence review against the cited source. The claim is preserved below exactly as it was originally published, so the record shows what was asserted as well as what became of it.

Subject kind
facility capacity
Statement date
2026-09-17
Promised amount
20000000000.0 USD
Current status
withdrawn

The claim, verbatim

Three new campuses (Delta Forge 1, Polaris Forge 3, Delta Forge 2) carry approximately $20 billion in contracted lease value, representing 1.41 gigawatts of contracted critical IT load capacity, all leased to one high investment-grade hyperscaler

Source (primary)

Can Applied Digital Stock Recover On Leases It Has Already Signed? - Trefis (-, news_article)
View cached copy (2026-09-20)Live source ↗

Quote: “Three new campuses, Delta Forge 1, Polaris Forge 3 and Delta Forge 2, carry about $20 billion of it, all leased to one high investment-grade hyperscaler. Underneath it sits 1.41 gigawatts of contracted critical IT load.”

How we checked this

Checked on September 25, 2026. The cited source supports part of this claim, but not all of it.

The article confirms the $20 billion across the three campuses and the single hyperscaler tenant. It links the 1.41 gigawatts to the company's entire $36 billion of contracted lease value, not to those three campuses.

Confirmed in the source:

We could not confirm this from the cited source:

That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.

What we did: Read our cached copy of the publisher (https://www.trefis.com/stock/apld/articles/615734/can-applied-digital-stock-recover-on-leases-it-has-already-signed/2026-09-17) in full (11,286 characters, retrieved September 20, 2026) and checked each assertion in the claim against it.

Additional evidence

confirms Can Applied Digital Stock Recover On Leases It Has Already Signed? - Trefis

Quote: “Three new campuses, Delta Forge 1, Polaris Forge 3 and Delta Forge 2, carry about $20 billion of it, all leased to one high investment-grade hyperscaler. Underneath it sits 1.41 gigawatts of contracted critical IT load.”

View cached copy (2026-09-20)Live source ↗

Record of changes

September 20, 2026 — stated
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
September 21, 2026 — withdrawn
Evidence review against the cited source. The source attributes the 1.41 GW to the full $36B contracted total, and states the three campuses total 810 megawatts, not 1.41 gigawatts, so tying that capacity to the three $20B campuses is contradicted.