Investment Grade Hyperscaler lease for Polaris Forge 2
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Signed two 15-year leases with Investment Grade Hyperscaler for 200 MW of critical IT load at Polaris Forge 2, unlocking approximately $5 billion in anticipated aggregate contract value
Source (primary)
applied-digital 8-K exhibit (apld_invxfinalpresentati.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-27)Live source ↗
Quote: “Secured 2 leases with a U.S. Based Investment Grade Hyperscaler, for a combined 200 MW at Polaris Forge 2. Unlocking ~$5B in anticipated aggregated contract value over a ~15-year horizon”
How we checked this
Checked on September 29, 2026. The cited source supports every part of this claim.
The presentation states Applied Digital signed two 15-year leases with an investment grade hyperscaler for 200 MW at Polaris Forge 2, worth about $5 billion in anticipated contract value.
Confirmed in the source:
- Applied Digital signed two 15-year leases with a U.S.-based investment grade hyperscaler
- The leases cover 200 MW of contracted critical IT load at Polaris Forge 2
- The leases represent approximately $5 billion in anticipated aggregate contract value
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487925000076/apld_invxfinalpresentati.htm) in full (26,833 characters, retrieved September 27, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (apld_invxfinalpresentati.htm)
Quote: “Secured 2 leases with a U.S. Based Investment Grade Hyperscaler, for a combined 200 MW at Polaris Forge 2. Unlocking ~$5B in anticipated aggregated contract value over a ~15-year horizon”