CoreWeave lease restructuring and credit enhancement at Polaris Forge 1
Company: Applied Digital
The claim, verbatim
Restructured the ELN-02 (100 MW) and ELN-03 (150 MW) leases with CoreWeave through a CoreWeave SPV, with unconditional springing guarantees from CoreWeave, Inc. and a $50 million letter of credit securing the ELN-02 lease.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-29)Live source ↗Archive.org ↗
Quote: “the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc.... and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease”
How we checked this
This claim has not yet been checked assertion-by-assertion against its source. It carries a cited source and quote, but the deeper check has not run. When it does, the result appears here whatever it says.
Additional evidence
confirms Earnings Release
Quote: “the Company restructured its leases with CoreWeave through a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing guarantees from CoreWeave, Inc.... and CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease”