200 MW Lease Execution deadline for Polaris Forge 2
Company: Applied Digital - Project: Polaris Forge 2
What the later record shows
Delivered on time · happened October 20, 2025
A 200 MW Polaris Forge 2 lease with a hyperscaler was signed October 20, 2025, before the October 31, 2025 deadline. No passage says in those words that the note's defined '200 MW Lease Execution' was satisfied.
“On October 20, 2025, APLD FAR-01 LLC and APLD FAR-02 LLC, the Company’s subsidiaries, entered into a data center lease with a U.S.-based investment-grade hyperscaler to deliver 200MW of critical IT load”
2026-07-29 · View 10-K View cached copy (2026-09-01)Live source ↗Archive.org ↗
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
A 200 MW Lease Execution must occur on or before October 31, 2025; if it does not occur, the Macquarie promissory note will mature on February 1, 2026 instead of September 9, 2027
Source (primary)
Applied Digital 8-K filed 2025-09-12 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The Promissory Note matures on the earliest of (i) the date of acceleration of the Loan, (ii) February 1, 2026, if the 200 MW Lease Execution (as defined therein) has not occurred on or before October 31, 2025, or (iii) September 9, 2027.”
How we checked this
Checked on October 10, 2026. The cited source supports part of this claim, but not all of it.
The filing confirms the October 31, 2025 deadline and the earlier February 1, 2026 maturity if no 200 MW lease is executed. It does not present the lease as a requirement. It also does not make September 9, 2027 the default alternative, because executing the lease itself triggers mandatory prepayment within 90 days.
Confirmed in the source:
- The Macquarie promissory note matures on February 1, 2026 if the 200 MW Lease Execution has not occurred on or before October 31, 2025
- The note's stated final maturity date is September 9, 2027
- The lender on the promissory note is Macquarie Equipment Capital, Inc.
We could not confirm this from the cited source:
- The filing does not say the 200 MW Lease Execution is required; it describes only what happens to the note's maturity if the lease is not executed by October 31, 2025
- The filing does not say the note would otherwise run to September 9, 2027: maturity is the earliest of several dates, the loan can accelerate earlier, and if the 200 MW Lease Execution occurs the borrower must prepay the note in full within 90 days
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/1144879/000149315225013210/form8-k.htm) in full (15,570 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2025-09-12
Quote: “The Promissory Note matures on the earliest of (i) the date of acceleration of the Loan, (ii) February 1, 2026, if the 200 MW Lease Execution (as defined therein) has not occurred on or before October 31, 2025, or (iii) September 9, 2027.”
confirms View 10-K
Quote: “On October 20, 2025, APLD FAR-01 LLC and APLD FAR-02 LLC, the Company’s subsidiaries, entered into a data center lease with a U.S.-based investment-grade hyperscaler to deliver 200MW of critical IT load”