Hyperscaler capacity lease commitment
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Executed letter of intent with US-based hyperscaler for 400 MW capacity lease; exclusivity period extended July 26, 2024
Source (primary)
Applied Digital 10-K filed 2024-08-30 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The Company has entered into exclusivity and executed a letter of intent with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings in Ellendale, North Dakota. On July 26, 2024, the Company extended the initial exclusivity period under the previously announced letter of intent with the U.S. based hyperscaler for leasing the HPC Ellendale Facility.”
How we checked this
Checked on September 18, 2026. The cited source supports every part of this claim.
The 10-K states both the 400 MW letter of intent with a US hyperscaler and the July 26, 2024 exclusivity extension.
Confirmed in the source:
- Applied Digital executed a letter of intent with a US-based hyperscaler for a 400 MW capacity lease
- The company extended the exclusivity period on July 26, 2024
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000216/apld-20240531.htm) in full (481,620 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 10-K filed 2024-08-30
Quote: “The Company has entered into exclusivity and executed a letter of intent with a US-based hyperscaler for a 400 MW capacity lease, inclusive of our current 100 MW facility and two forthcoming buildings in Ellendale, North Dakota. On July 26, 2024, the Company extended the initial exclusivity period under the previously announced letter of intent with the U.S. based hyperscaler for leasing the HPC Ellendale Facility.”