1.41 GW leased across five campuses
Company: Applied Digital
The claim, verbatim
As of August 31, 2026, the Company has leases for approximately 1.41 GW of critical IT load across five campuses, representing ~$36 billion of base-term contracted revenue (~$86 billion with renewals).
Source (primary)
EX-99.1 (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-10-08)Live source ↗Archive.org ↗
Quote: “the Company has leases for approximately 1.41 GW of critical IT load across five campuses: Polaris Forge 1, 2, and 3 in North Dakota; Delta Forge 1 in Louisiana; and Delta Forge 2 in Alabama. Those leases represent approximately $36 billion of contracted revenue over their initial base 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 release states the leased capacity, the campus count and both contracted revenue figures as of August 31, 2026.
Confirmed in the source:
- As of August 31, 2026, Applied Digital had leases for approximately 1.41 GW of critical IT load
- The leases span five campuses
- The leases represent approximately $36 billion of contracted revenue over their initial base 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/sec-filings/all-sec-filings/content/0001144879-26-000057/apldq127earningsrelease.htm) in full (40,037 characters, retrieved October 8, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms EX-99.1
Quote: “the Company has leases for approximately 1.41 GW of critical IT load across five campuses: Polaris Forge 1, 2, and 3 in North Dakota; Delta Forge 1 in Louisiana; and Delta Forge 2 in Alabama. Those leases represent approximately $36 billion of contracted revenue over their initial base terms, or approximately $86 billion if all renewal options are exercised”
confirms View PDF
Quote: “the Company has leases for approximately 1.41 GW of critical IT load across five campuses... Those leases represent approximately $36 billion of contracted revenue over their initial base terms, or approximately $86 billion if all renewal options are exercised”