Polaris Forge 3, Delta Forge 1 and 2 leased to single IG tenant for 15 years
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
Polaris Forge 3, Delta Forge 1, and Delta Forge 2 are all leased to a single investment-grade tenant for 15 years; the campuses still need to be financed.
Source (primary)
How Much Downside Is Left In Applied Digital Stock? - Trefis (-, news_article)
View cached copy (2026-11-10)Live source ↗Archive.org ↗
Quote: “Polaris Forge 3, Delta Forge 1, and Delta Forge 2, which are all leased to a single investment-grade tenant for 15 years”
How we checked this
Checked on November 11, 2026. The cited source supports every part of this claim.
The article states the single investment-grade tenant, the 15-year term, and the outstanding financing need for all three campuses.
Confirmed in the source:
- Polaris Forge 3, Delta Forge 1, and Delta Forge 2 are all leased to a single investment-grade tenant.
- The leases on these three campuses run for 15 years.
- Applied Digital still has to finance these three campuses.
What we did: Read our cached copy of the publisher (https://www.trefis.com/stock/apld/articles/623945/how-much-downside-is-left-in-applied-digital-stock/2026-11-10) in full (11,810 characters, retrieved November 10, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms How Much Downside Is Left In Applied Digital Stock? - Trefis
Quote: “Polaris Forge 3, Delta Forge 1, and Delta Forge 2, which are all leased to a single investment-grade tenant for 15 years”