HPC Ellendale facility revenue timing
Company: Applied Digital
What the later record shows
Delivered on time
The 10-K confirms the HPC segment began generating meaningful revenues once the first Polaris Forge 1 (Ellendale) building became operational. Lease revenue recognition began in the quarter ended November 30, 2025.
“The Company began recognizing revenue associated with certain of its data center leases as accounted for under ASC 842 in the second quarter of the current fiscal year.”
2026-04-07 · Applied Digital 10-Q filed 2026-04-08 View cached copy (2026-08-30)Live source ↗
“This business segment began generating meaningful revenues once the first HPC building within Polaris Forge 1 became operational in fiscal year 2026.”
2026-07-28 · Applied Digital 10-K filed 2026-07-29 View cached copy (2026-08-30)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Company anticipates HPC Ellendale facility will generate meaningful revenues in calendar year 2025
Source (primary)
Applied Digital S-1 filed 2024-09-23 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “We anticipate that this business segment will begin generating meaningful revenues once the HPC Ellendale Facility becomes operational, which is expected in calendar year 2025.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The S-1 says the company expects meaningful HPC hosting revenue to begin once the Ellendale facility is operational, which it expects in calendar year 2025. The filing presents this as a contingent expectation, consistent with the claim's word "anticipates."
Confirmed in the source:
- Applied Digital anticipates its HPC Hosting Business will begin generating meaningful revenues once the HPC Ellendale Facility becomes operational
- Applied Digital expects the HPC Ellendale Facility to become operational in calendar year 2025
- The anticipated revenue timing is a company expectation (forward-looking), not a reported result
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000149315224037827/forms-1.htm) in full (181,241 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital S-1 filed 2024-09-23
Quote: “We anticipate that this business segment will begin generating meaningful revenues once the HPC Ellendale Facility becomes operational, which is expected in calendar year 2025.”
confirms Applied Digital 10-K filed 2026-07-29
Quote: “This business segment began generating meaningful revenues once the first HPC building within Polaris Forge 1 became operational in fiscal year 2026.”
confirms Applied Digital 10-Q filed 2026-04-08
Quote: “The Company began recognizing revenue associated with certain of its data center leases as accounted for under ASC 842 in the second quarter of the current fiscal year.”