Hyperscaler leases at Polaris Forge 2
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Signed two 15-year leases with two 5-year options with a U.S.-based investment-grade hyperscaler for 2 buildings at Polaris Forge 2 (Harwood, ND), 200 MW of critical IT load; base-term value ~$4.8B.
Source (primary)
Investor Presentation (IR page (ir.applieddigital.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗Archive.org ↗
Quote: “U.S. Based Investment-Grade Hyperscaler - Signed two 15-year leases with two 5- year options for 2 buildings at Polaris Forge 2, utilizing 200 MW of Critical IT load”
How we checked this
Checked on October 8, 2026. The cited source supports every part of this claim.
The timeline, campus pages and lease table establish every element, including Harwood, ND and the $4.8B base-term value.
Confirmed in the source:
- Two 15-year leases were signed with a U.S.-based investment-grade hyperscaler
- The leases carry two 5-year options
- The leases cover 2 buildings at Polaris Forge 2
- Polaris Forge 2 is in Harwood, North Dakota
- The leases cover 200 MW of critical IT load
- Base-term value is about $4.8B
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/_assets/_2ca3a6fc58e47f662a7c51ed55b80806/appliedblockchaininc/db/2905/27269/pdf/APLD_INV_June2026_Updated-compressed.pdf) in full (47,679 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “U.S. Based Investment-Grade Hyperscaler - Signed two 15-year leases with two 5- year options for 2 buildings at Polaris Forge 2, utilizing 200 MW of Critical IT load”