$450M allocated to Polaris Forge 2 buildout
Company: Applied Digital - Project: Polaris Forge 2
What the later record shows
Outcome not yet confirmed
Later passages say Macquarie draws provided capital for Polaris Forge 1 and Polaris Forge 2, but none confirms that $450 million went to Polaris Forge 2. Polaris Forge 2 was still under construction as of October 2026, so the buildout has not been completed.
“Drew an additional $562.5 million from Macquarie Asset Management under the Company’s preferred equity financing facility of up to $5.0 billion, providing capital for the AI Factories at Polaris Forge 1 and Polaris Forge 2.”
2026-01-06 · applied-digital 8-K exhibit (apldq226earningsrelease.htm) View cached copy (2026-09-22)Live source ↗
“Our two buildings at our Polaris Forge 2 campus, with an aggregate 300MW of capacity, are currently under construction.”
2026-10-07 · View PDF View cached copy (2026-10-08)Live source ↗
Checked November 8, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Of the $787.5 million funding from Macquarie Asset Management, $450 million will be allocated to complete the buildout of Polaris Forge 2 AI Factory campus in Harwood, North Dakota.
Source (primary)
applied-digital 8-K exhibit (ex99-1.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-26)Live source ↗
Quote: “Of the anticipated funding, $450 million will be allocated toward completing the build-out of Polaris Forge 2, Applied Digital's AI Factory campus in Harwood, North Dakota.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The press release states that $450 million of the anticipated $787.5 million funding will go toward completing Polaris Forge 2, the company's AI Factory campus in Harwood, North Dakota.
Confirmed in the source:
- $450 million of the $787.5 million Macquarie Asset Management funding will be allocated toward completing the build-out of Polaris Forge 2
- Polaris Forge 2 is Applied Digital's AI Factory campus in Harwood, North Dakota
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000149315225021955/ex99-1.htm) in full (9,989 characters, retrieved September 26, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (ex99-1.htm)
Quote: “Of the anticipated funding, $450 million will be allocated toward completing the build-out of Polaris Forge 2, Applied Digital's AI Factory campus in Harwood, North Dakota.”