CoreWeave 250MW Polaris Forge 1 leases
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Applied Digital signed two ~15-year lease agreements with CoreWeave for 250MW of critical IT load at its Polaris Forge 1 campus in Ellendale, North Dakota, expected to generate approximately $7 billion in contracted revenue over the lease terms.
Source (primary)
applied-digital 8-K exhibit (apldq425earningsrelease.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-09)Live source ↗
Quote: “we signed two transformative 15-year lease agreements with CoreWeave, an AI hyperscaler, to deliver 250 megawatts of critical IT load at our Ellendale, North Dakota data center campus ("Polaris Forge 1"). These signed lease agreements are expected to generate approximately $7 billion in contracted revenue over the approximate 15-year lease terms.”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The earnings release states every element: two roughly 15-year CoreWeave leases for 250MW at Polaris Forge 1 in Ellendale, ND, expected to generate about $7 billion.
Confirmed in the source:
- Applied Digital signed two lease agreements with CoreWeave
- The leases have approximately 15-year terms
- The leases cover 250MW of critical IT load
- The leased capacity is at the Polaris Forge 1 campus in Ellendale, North Dakota
- The leases are expected to generate approximately $7 billion in contracted revenue over the lease terms
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487925000019/apldq425earningsrelease.htm) in full (40,651 characters, retrieved October 9, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (apldq425earningsrelease.htm)
Quote: “we signed two transformative 15-year lease agreements with CoreWeave, an AI hyperscaler, to deliver 250 megawatts of critical IT load at our Ellendale, North Dakota data center campus ("Polaris Forge 1"). These signed lease agreements are expected to generate approximately $7 billion in contracted revenue over the approximate 15-year lease terms.”