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), utilizing 200 MW of critical IT load; base-term value ~$4.8B, delivery 2H 2026 / 1H 2027.
Source (primary)
Investor Presentation (IR page (ir.applieddigital.com), ir_presentation)
View cached copy (2026-10-08)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 13, 2026. The cited source supports every part of this claim.
The presentation states the Polaris Forge 2 lease terms, Harwood, ND location, 200 MW capacity, $4.8B base-term value and 2H 2026 / 1H 2027 delivery dates.
Confirmed in the source:
- Applied Digital signed two 15-year leases with two 5-year options with a U.S.-based investment-grade hyperscaler
- The leases cover 2 buildings at Polaris Forge 2
- Polaris Forge 2 is located in Harwood, North Dakota
- The leases utilize 200 MW of critical IT load
- Base-term lease value for Polaris Forge 2 is about $4.8B
- Polaris Forge 2 delivery dates are 2H 2026 / 1H 2027
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/_assets/_24468ca358d41940c79de4638f404931/appliedblockchaininc/db/2905/27269/pdf/APLD_INV_June2026_Updated-compressed.pdf) in full (47,679 characters, retrieved October 8, 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”