Macquarie investment to recover equity in Ellendale
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Macquarie investment and future project financing to repay project-level debt and allow Applied Digital to recover an estimated $300 million of its equity investment in Ellendale
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “The MAM investment, in conjunction with future project financing, to be used to repay project-level debt and allow the Company to recover over an estimated $300 million of its equity investment in the Ellendale HPC Campus.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The release says the MAM investment and future project financing will repay project-level debt and let the company recover over an estimated $300 million of its Ellendale equity. The claim's figure is slightly understated compared with the source's 'over.'
Confirmed in the source:
- The Macquarie investment, together with future project financing, is to be used to repay project-level debt
- The financing is to allow Applied Digital to recover an estimated $300 million or more of its equity investment in the Ellendale HPC Campus
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/118/applied-digital-reports-fiscal-second-quarter-2025-results/) in full (35,889 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “The MAM investment, in conjunction with future project financing, to be used to repay project-level debt and allow the Company to recover over an estimated $300 million of its equity investment in the Ellendale HPC Campus.”