Conditional Macquarie investment obligation in Polaris Forge 1
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
If prior to April 6, 2028, Macquarie invests in more than 200 MW of HPC datacenter capacity with investment-grade-rated customers or the Polaris Forge 1 tenant maintains investment-grade credit rating for 12 consecutive months, Macquarie will be required to make additional equity contributions up to $250 million at $625,000 per MW
Source (primary)
Applied Digital 8-K filed 2025-10-09 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “If prior to April 6, 2028, (i) the Purchaser invests in more than 200 MW of the Subsidiary Issuer's future HPC datacenter development projects with certain specified customers who maintain an investment grade credit rating or (ii) the tenant of the Polaris Forge 1 leases becomes and maintains an investment grade credit rating for a 12-consecutive month period, the Purchaser will be required to make additional equity contributions with respect to the Polaris Forge 1 at the investment rate of $625,000 per MW of capacity”
How we checked this
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Additional evidence
confirms Applied Digital 8-K filed 2025-10-09
Quote: “If prior to April 6, 2028, (i) the Purchaser invests in more than 200 MW of the Subsidiary Issuer's future HPC datacenter development projects with certain specified customers who maintain an investment grade credit rating or (ii) the tenant of the Polaris Forge 1 leases becomes and maintains an investment grade credit rating for a 12-consecutive month period, the Purchaser will be required to make additional equity contributions with respect to the Polaris Forge 1 at the investment rate of $625,000 per MW of capacity”