Macquarie preferred equity for PF3/DF1/DF2
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
Management expects to fund Polaris Forge 3, Delta Forge 1 and Delta Forge 2 with Macquarie preferred equity before project-level debt.
Source (primary)
Needham cuts Applied Digital price target to $70 on regulatory and financing risk - Yahoo Finance (-, news_article)
View cached copy (2026-10-09)Live source ↗Archive.org ↗
Quote: “Management expects to fund the three campuses, which share a lease customer—an investment-grade hyperscaler—with Macquarie preferred equity before turning to project-level debt”
How we checked this
Checked on October 14, 2026. The cited source supports every part of this claim.
The article says management expects to fund these three campuses with Macquarie preferred equity before turning to project-level debt.
Confirmed in the source:
- Polaris Forge 3, Delta Forge 1 and Delta Forge 2 are next in line for financing
- Management expects to fund these three campuses with Macquarie preferred equity
- Project-level debt would come after the Macquarie preferred equity
What we did: Read our cached copy of the publisher (https://finance.yahoo.com/markets/stocks/articles/needham-cuts-applied-digital-price-141452666.html) in full (8,735 characters, retrieved October 9, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Needham cuts Applied Digital price target to $70 on regulatory and financing risk - Yahoo Finance
Quote: “Management expects to fund the three campuses, which share a lease customer—an investment-grade hyperscaler—with Macquarie preferred equity before turning to project-level debt”