LOI with hyperscaler for Ellendale capacity lease
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Executed letter of intent with US-based hyperscaler for 400 MW capacity lease at Ellendale, including 100 MW facility and two forthcoming buildings
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “Entered into exclusivity and executed a letter of intent (the "LOI") with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The release states that Applied Digital executed an LOI with a US-based hyperscaler for a 400 MW lease of its Ellendale HPC campus. It says the lease covers the 100 MW facility and two forthcoming buildings.
Confirmed in the source:
- Applied Digital entered into exclusivity and executed a letter of intent with a US-based hyperscaler
- The LOI covers a 400 MW capacity lease
- The lease is for the Ellendale HPC campus in Ellendale, North Dakota
- The 400 MW lease includes the current 100 MW facility and two forthcoming buildings
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/94/applied-digital-reports-fiscal-third-quarter-2024-results/) in full (29,636 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “Entered into exclusivity and executed a letter of intent (the "LOI") with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings”
confirms Earnings Release
Quote: “Entered into exclusivity and executed a letter of intent (the "LOI") with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings.”
confirms Earnings Release
Quote: “Entered into exclusivity and executed a letter of intent (the "LOI") with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings.”
confirms Earnings Release
Quote: “We have entered into exclusivity and executed an LOI with a US-based hyperscaler for a 400 MW capacity lease of our Ellendale HPC campus. This encompasses our 100 MW facility under construction and plans for two additional buildings.”
confirms Earnings Release
Quote: “Entered into exclusivity and executed a letter of intent (the "LOI") with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings.”