200 MW Polaris Forge 2 hyperscaler lease
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Signed approximately 15-year lease with U.S. investment-grade hyperscaler for 200 MW AI and HPC capacity at Polaris Forge 2, with phased delivery beginning in 2026, expected to deliver approximately $5 billion in revenue
Source (primary)
applied-digital 8-K exhibit (apldq226earningsrelease.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-22)Live source ↗
Quote: “Announced an approximately 15-year lease with a U.S. based investment-grade hyperscaler for 200MW of AI and HPC capacity at the under-construction Polaris Forge 2 campus, with phased delivery across two buildings beginning in 2026, expected to deliver approximately $5 billion in revenue.”
How we checked this
Checked on September 26, 2026. The cited source supports every part of this claim.
The release states every element of this claim. It describes the lease in its highlights and says it was signed on October 22, 2025.
Confirmed in the source:
- Applied Digital signed an approximately 15-year lease with a U.S.-based investment-grade hyperscaler
- The lease covers 200 MW of AI and HPC capacity at Polaris Forge 2
- Phased delivery begins in 2026
- The lease is expected to deliver approximately $5 billion in revenue
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487926000002/apldq226earningsrelease.htm) in full (44,381 characters, retrieved September 22, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (apldq226earningsrelease.htm)
Quote: “Announced an approximately 15-year lease with a U.S. based investment-grade hyperscaler for 200MW of AI and HPC capacity at the under-construction Polaris Forge 2 campus, with phased delivery across two buildings beginning in 2026, expected to deliver approximately $5 billion in revenue.”