CoreWeave lease restructuring and credit enhancements
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Entered into agreements with CoreWeave to enhance credit quality of 100 MW and 150 MW data center leases at Polaris Forge 1, including CoreWeave posting $50 million letter of credit and unconditional springing guarantees
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “Entered into agreements with CoreWeave intended to enhance the credit quality of the tenants under the 100 MW (ELN-02) and 150 MW (ELN-03) data center leases at the Polaris Forge 1 campus in Ellendale, North Dakota. As part of CoreWeave's refinancing of related debt obligations, which received an investment-grade A3 rating (compared to CoreWeave Inc.'s BB rating), the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc., guaranteeing CoreWeave's SPV's obligations under the restructured leases, and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The release describes the CoreWeave agreements, the springing guarantees and the $50 million letter of credit as claimed.
Confirmed in the source:
- Applied Digital entered into agreements with CoreWeave intended to enhance the credit quality of tenants under the 100 MW (ELN-02) and 150 MW (ELN-03) leases at Polaris Forge 1
- Applied Digital received unconditional springing guarantees from CoreWeave, Inc.
- CoreWeave, Inc. posted a $50 million letter of credit securing the ELN-02 lease
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/148/applied-digital-reports-fiscal-third-quarter-2026-results/) in full (47,470 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “Entered into agreements with CoreWeave intended to enhance the credit quality of the tenants under the 100 MW (ELN-02) and 150 MW (ELN-03) data center leases at the Polaris Forge 1 campus in Ellendale, North Dakota. As part of CoreWeave's refinancing of related debt obligations, which received an investment-grade A3 rating (compared to CoreWeave Inc.'s BB rating), the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc., guaranteeing CoreWeave's SPV's obligations under the restructured leases, and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease.”