Advanced lease talks with investment-grade hyperscaler for Polaris Forge 2
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
In advanced discussions with an investment-grade hyperscaler, aligned on many key lease terms; customer would hold right of first refusal on full 1 GW; initial 200 MW would bring total leased capacity to 600 MW.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-10-06)Live source ↗Archive.org ↗
Quote: “We are currently in advanced discussions with an investment-grade hyperscaler and have aligned on many of the key lease terms with them.”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The press release's management commentary on Polaris Forge 2 states each element: the advanced talks, the aligned terms, the conditional right of first refusal on 1 GW, and the 600 MW total leased capacity once the initial 200 MW is signed.
Confirmed in the source:
- Applied Digital said it was in advanced discussions with an investment-grade hyperscaler about leasing at its Polaris Forge 2 campus
- Applied Digital said it had aligned with that hyperscaler on many of the key lease terms
- Applied Digital said that if the lease were executed, the customer would hold a right of first refusal on the full 1 GW of Polaris Forge 2 capacity, contingent on securing additional power
- Applied Digital said the initial 200 MW, once signed, would bring its total leased capacity to 600 MW across two sites
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/131/applied-digital-reports-fiscal-first-quarter-2026-results/) in full (34,802 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “We are currently in advanced discussions with an investment-grade hyperscaler and have aligned on many of the key lease terms with them.”