Total contracted backlog 1.4 GW / ~$36B
Company: Applied Digital
The claim, verbatim
Executed long-term leases for approximately 1,410 MW of contracted critical IT load across five campuses, representing approximately $36 billion over initial 15-year terms, or approximately $86 billion if all renewals are exercised.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-10-06)Live source ↗Archive.org ↗
Quote: “the Company had executed long-term leases representing approximately 1,410 MW of contracted critical IT load across five campuses ... representing approximately $36 billion of total contracted revenue over the initial 15-year base lease terms, or approximately $86 billion if all renewal options are exercised”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The HPC Hosting Update section states each figure in the claim: about 1,410 MW across five campuses, about $36 billion over the initial 15-year terms, and about $86 billion with all renewals.
Confirmed in the source:
- As of May 31, 2026, Applied Digital had executed long-term leases for approximately 1,410 MW of contracted critical IT load
- The leases span five campuses (Polaris Forge 1, 2 and 3 and Delta Forge 1 and 2)
- The leases represent approximately $36 billion of total contracted revenue over the initial 15-year base lease terms
- The leases represent approximately $86 billion if all renewal options are exercised
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year/) in full (55,619 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “the Company had executed long-term leases representing approximately 1,410 MW of contracted critical IT load across five campuses ... representing approximately $36 billion of total contracted revenue over the initial 15-year base lease terms, or approximately $86 billion if all renewal options are exercised”