Financing planned for Polaris Forge 3, Delta Forge 1 and 2
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
Applied Digital is preparing to finance Polaris Forge 3, Delta Forge 1 and Delta Forge 2, which are leased to the same unnamed tier-one investment-grade hyperscaler under 15-year take-or-pay leases.
Source (primary)
Applied Digital Q1 Earnings Call Highlights - Yahoo Finance (-, news_article)
View cached copy (2026-10-09)Live source ↗Archive.org ↗
Quote: “Applied Digital is preparing to finance Polaris Forge 3, Delta Forge 1 and Delta Forge 2, which are leased to the same unnamed tier-one, investment-grade hyperscaler under 15-year take-or-pay leases.”
How we checked this
Checked on October 14, 2026. The cited source supports every part of this claim.
The article states the planned financing for the three campuses and their 15-year take-or-pay leases to a single unnamed investment-grade hyperscaler.
Confirmed in the source:
- Applied Digital is preparing to finance Polaris Forge 3, Delta Forge 1 and Delta Forge 2
- These campuses are leased to the same unnamed tier-one, investment-grade hyperscaler
- The leases are 15-year take-or-pay leases
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: “Applied Digital is preparing to finance Polaris Forge 3, Delta Forge 1 and Delta Forge 2, which are leased to the same unnamed tier-one, investment-grade hyperscaler under 15-year take-or-pay leases.”
confirms Applied Digital Sinks 4% as Rotation Out of Debt-Funded AI Builders Extends; TeraWulf Dips 3%, Core Scientific Retreats 2% - 24/7 Wall St.
Quote: “Management plans to finance Polaris Forge 3, Delta Forge 1 and Delta Forge 2 next, all tied to one tier-one hyperscaler under 15-year take-or-pay contracts, and has expressed "a high level of confidence" in funding them at favorable rates.”