$1.59B 7% notes fully fund PF1 and PF2 contracted capacity
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
CFO Saidal Mohmand said the $1.59 billion 7% senior secured notes offering funds the third HPC building at Polaris Forge 1 and repaid a $300 million bridge, leaving the full 400 MW CoreWeave campus at Polaris Forge 1 and 200 MW of contracted capacity at Polaris Forge 2 fully funded.
Source (primary)
Applied Digital Q1 Earnings Call Highlights - Yahoo Finance (-, news_article)
View cached copy (2026-10-09)Live source ↗Archive.org ↗
Quote: “The financing means the full 400 MW CoreWeave campus at Polaris Forge 1 and the 200 MW of contracted capacity at Polaris Forge 2 are fully funded, Mohmand said.”
How we checked this
Checked on October 14, 2026. The cited source supports every part of this claim.
In the article's section on CFO Mohmand's remarks, it reports the $1.59 billion 7% notes, their use for the third Polaris Forge 1 building and the $300 million bridge repayment, and his statement that the Polaris Forge 1 and 2 capacity is fully funded.
Confirmed in the source:
- Applied Digital closed a $1.59 billion offering of 7% senior secured notes
- Proceeds were used to fund the third HPC building at Polaris Forge 1
- Proceeds were used to repay a $300 million bridge facility
- Mohmand said the full 400 MW CoreWeave campus at Polaris Forge 1 is fully funded
- Mohmand said the 200 MW of contracted capacity at Polaris Forge 2 is fully funded
What we did: Read our cached copy of the publisher (https://finance.yahoo.com/markets/stocks/articles/applied-digital-q1-earnings-call-000214656.html) in full (15,656 characters, retrieved October 9, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital Q1 Earnings Call Highlights - Yahoo Finance
Quote: “The financing means the full 400 MW CoreWeave campus at Polaris Forge 1 and the 200 MW of contracted capacity at Polaris Forge 2 are fully funded, Mohmand said.”