CoreWeave 150MW option exercise / third lease
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
CoreWeave exercised its option for an additional 150MW, which would bring total leased capacity to 400MW and add approximately $4 billion in contracted revenue, for a total of approximately $11 billion. The parties are expected to promptly enter a third lease on substantially the same terms and are finalizing it.
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: “CoreWeave has exercised its lease option for an additional 150 MW. When the lease is signed it would bring the total leased capacity to 400 MW of critical IT load and add approximately $4 billion in contracted revenue which would bring the total contracted revenue to approximately $11 billion.”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The release describes the option exercise, the 400MW and $4 billion/$11 billion figures, and the third lease being finalized on substantially the same terms.
Confirmed in the source:
- CoreWeave exercised its option for an additional 150MW
- The option would bring total leased capacity to 400MW
- The option would add approximately $4 billion in contracted revenue
- Total contracted revenue would be approximately $11 billion
- The parties are expected to promptly enter a third lease on substantially the same terms as the existing two leases
- The parties are currently finalizing the third lease
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: “CoreWeave has exercised its lease option for an additional 150 MW. When the lease is signed it would bring the total leased capacity to 400 MW of critical IT load and add approximately $4 billion in contracted revenue which would bring the total contracted revenue to approximately $11 billion.”