ELN-02 Project hyperscale lease as condition for final $40M tranche
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Final $40 million of Subsequent Tranche will be funded when Borrower enters into hyperscale lease agreement acceptable to Lenders with respect to the ELN-02 Project
Source (primary)
Applied Digital 8-K filed 2024-06-07 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The final $40 Million of the Subsequent Tranche will be funded when, among other conditions, (a) the Borrower has entered into (i) the Long Form Credit Documentation (as defined in the Promissory Note) and (ii) has entered into a hyperscale lease agreement acceptable to the Lenders with respect to the ELN-02 Project (as defined in the Promissory Note)”
How we checked this
Checked on September 18, 2026. The cited source supports part of this claim, but not all of it.
The filing makes the ELN-02 hyperscale lease one of several conditions for the final $40 million. It does not say the lease alone triggers funding.
Confirmed in the source:
- Funding of the final $40 million of the Subsequent Tranche is conditioned on the Borrower entering into a hyperscale lease agreement acceptable to the Lenders for the ELN-02 Project
We could not confirm this from the cited source:
- The ELN-02 hyperscale lease alone triggers funding of the final $40 million (the filing lists other conditions, including Long Form Credit Documentation and additional warrant issuance)
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000151/apld-20240607.htm) in full (13,148 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2024-06-07
Quote: “The final $40 Million of the Subsequent Tranche will be funded when, among other conditions, (a) the Borrower has entered into (i) the Long Form Credit Documentation (as defined in the Promissory Note) and (ii) has entered into a hyperscale lease agreement acceptable to the Lenders with respect to the ELN-02 Project (as defined in the Promissory Note)”