Investment-grade hyperscaler Polaris Forge 2 lease
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Signed two 15-year leases with two 5-year renewal options for 200 MW of critical IT load at Polaris Forge 2 (delivery 2H 2026 to 1H 2027)
Source (primary)
Investor Presentation (IR page (ir.applieddigital.com), ir_presentation)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “U.S. Based Investment-Grade Hyperscaler - Signed two 15-year leases with two 5-year options for 2 buildings at Polaris Forge 2, utilizing 200 MW of Critical IT load”
How we checked this
Checked on September 27, 2026. The cited source supports every part of this claim.
The timeline and lease table state the Polaris Forge 2 lease terms, capacity and delivery window as claimed.
Confirmed in the source:
- Two 15-year leases were signed at Polaris Forge 2
- The leases carry two 5-year renewal options
- Polaris Forge 2 covers 200 MW of critical IT load
- Polaris Forge 2 delivery dates are 2H 2026 / 1H 2027
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/_assets/_c3b095776b399204354d8f26dbb2553c/appliedblockchaininc/db/2905/27269/pdf/APLD_INV_June2026_Updated-compressed.pdf) in full (47,679 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “U.S. Based Investment-Grade Hyperscaler - Signed two 15-year leases with two 5-year options for 2 buildings at Polaris Forge 2, utilizing 200 MW of Critical IT load”