Hyperscaler technical diligence complete; lease being finalized
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Management believes the hyperscaler has completed technical due diligence on the Ellendale facility and the Company is working to finalize lease details, followed by project-level financing.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-10-06)Live source ↗Archive.org ↗
Quote: “We believe the hyperscaler has completed their technical due diligence on the facility and we are now working to finalize the details of the lease. This would then be followed by working towards finalizing the project-level financing for this investment-grade tenant.”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
CEO Wes Cummins says in the release that he believes the hyperscaler has completed technical due diligence on the Ellendale HPC facility. He adds that the Company is finalizing the lease, to be followed by project-level financing.
Confirmed in the source:
- Management believes the hyperscaler has completed its technical due diligence on the facility
- The facility in question is the Company's Ellendale HPC facility
- The Company is working to finalize the details of the lease
- Lease finalization would be followed by work to finalize project-level financing
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/105/applied-digital-reports-fiscal-fourth-quarter-and-full-year/) in full (35,062 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “We believe the hyperscaler has completed their technical due diligence on the facility and we are now working to finalize the details of the lease. This would then be followed by working towards finalizing the project-level financing for this investment-grade tenant.”