LOI with US hyperscaler for 400 MW Ellendale lease
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Applied Digital entered into exclusivity and executed a letter of intent with a US-based hyperscaler for a 400 MW capacity lease of its Ellendale HPC campus. The lease covers the current 100 MW facility and two forthcoming buildings.
Source (primary)
applied-digital 8-K exhibit (apld3q24earningsrelease.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-11-08)Live source ↗
Quote: “Entered into exclusivity and executed a letter of intent (the "LOI") with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings.”
How we checked this
Checked on November 10, 2026. The cited source supports every part of this claim.
The release states each element: exclusivity, an executed LOI with a US-based hyperscaler, a 400 MW lease of the Ellendale HPC campus, and coverage of the 100 MW facility plus two forthcoming buildings.
Confirmed in the source:
- Applied Digital entered into exclusivity with a US-based hyperscaler
- Applied Digital executed a letter of intent with that hyperscaler
- The LOI is for a 400 MW capacity lease of the Ellendale HPC campus
- The lease covers the current 100 MW facility and two forthcoming buildings
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000077/apld3q24earningsrelease.htm) in full (28,454 characters, retrieved November 8, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (apld3q24earningsrelease.htm)
Quote: “Entered into exclusivity and executed a letter of intent (the "LOI") with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings.”