Lease agreement with U.S.-based hyperscaler at Polaris Forge 2
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Applied Digital has entered into a lease agreement with a U.S.-based investment-grade hyperscaler for 200 MW at Polaris Forge 2 Campus near Harwood, North Dakota, representing approximately $5 billion in total contracted revenue over an estimated 15-year lease term.
Source (primary)
applied-digital 8-K exhibit (ad-harwood_prxfinal102225.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-27)Live source ↗
Quote: “Applied Digital (NASDAQ: APLD) announced today that it has entered into a lease agreement with a U.S. Based Investment Grade Hyperscaler at its state-of-the-art, purpose-built Polaris Forge 2 Campus currently under construction near Harwood, North Dakota. This lease represents approximately $5 billion in total contracted revenue over an estimated 15-year lease term and covers 200 megawatts (MW) of critical IT load”
How we checked this
Checked on September 29, 2026. The cited source supports every part of this claim.
The press release states each element of the claim: the counterparty type, location, 200 MW capacity, approximately $5 billion contracted revenue and estimated 15-year term.
Confirmed in the source:
- Applied Digital entered into a lease agreement with a U.S.-based investment-grade hyperscaler
- The lease is at the Polaris Forge 2 Campus near Harwood, North Dakota
- The lease covers 200 MW of critical IT load
- The lease represents approximately $5 billion in total contracted revenue
- The estimated lease term is 15 years
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487925000076/ad-harwood_prxfinal102225.htm) in full (8,227 characters, retrieved September 27, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (ad-harwood_prxfinal102225.htm)
Quote: “Applied Digital (NASDAQ: APLD) announced today that it has entered into a lease agreement with a U.S. Based Investment Grade Hyperscaler at its state-of-the-art, purpose-built Polaris Forge 2 Campus currently under construction near Harwood, North Dakota. This lease represents approximately $5 billion in total contracted revenue over an estimated 15-year lease term and covers 200 megawatts (MW) of critical IT load”