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
Checked on September 16, 2026. The cited source supports every part of this claim.
The filing states both triggers, the deadline, the per-MW rate, and the $250 million cap.
Confirmed in the source:
- The trigger conditions are the Purchaser investing in more than 200 MW of the Subsidiary Issuer's future HPC projects with specified investment-grade-rated customers, or the Polaris Forge 1 lease tenant maintaining an investment grade rating for 12 consecutive months
- The trigger must occur prior to April 6, 2028
- The required additional equity contributions are at a rate of $625,000 per MW of Polaris Forge 1 capacity
- The additional contributions are capped at $250 million in the aggregate
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000149315225017609/form8-k.htm) in full (22,804 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
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”