CoreWeave Additional 150MW Lease Option Exercise
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
CoreWeave exercised its lease option for an additional 150 megawatts, bringing total leased capacity to 400 megawatts and adding approximately $4 billion in contracted revenue
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “Since the end of the fourth quarter 2025, CoreWeave exercised its option for an additional 150MW, which would bring the total capacity leased by CoreWeave to 400MW and would add approximately $4 billion in contracted revenue”
How we checked this
Checked on October 12, 2026. The cited source supports part of this claim, but not all of it.
The option exercise is confirmed. The release says the 400 MW total and the extra $4 billion depend on a third lease that was not yet signed, while the claim presents them as already achieved.
Confirmed in the source:
- CoreWeave exercised its lease option for an additional 150 MW after the end of fiscal Q4 2025
- A signed third lease would bring CoreWeave's total leased capacity to 400 MW and add approximately $4 billion in contracted revenue
We could not confirm this from the cited source:
- That total leased capacity had actually reached 400 MW; the release says the third lease was still being finalized and the increase would occur only once it is signed
- That the approximately $4 billion in contracted revenue had actually been added; the release presents it as contingent on signing the third lease
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 IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/126/applied-digital-reports-fiscal-fourth-quarter-and-full-year/) in full (41,868 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “Since the end of the fourth quarter 2025, CoreWeave exercised its option for an additional 150MW, which would bring the total capacity leased by CoreWeave to 400MW and would add approximately $4 billion in contracted revenue”
confirms Earnings Release
Quote: “CoreWeave has exercised its lease option for an additional 150 MW. When the lease is signed it would bring the total leased capacity to 400 MW of critical IT load and add approximately $4 billion in contracted revenue which would bring the total contracted revenue to approximately $11 billion.”
confirms Earnings Release
Quote: “CoreWeave has exercised its lease option for an additional 150 MW. When the lease is signed it would bring the total leased capacity to 400 MW of critical IT load and add approximately $4 billion in contracted revenue which would bring the total contracted revenue to approximately $11 billion.”
confirms Earnings Release
Quote: “CoreWeave exercised its option for an additional 150MW, which would bring the total capacity leased by CoreWeave to 400MW and would add approximately $4 billion in contracted revenue”
confirms Earnings Release
Quote: “CoreWeave exercised its option for an additional 150MW, which would bring the total capacity leased by CoreWeave to 400MW and would add approximately $4 billion in contracted revenue, which would bring total contracted revenue to approximately $11 billion”