CoreWeave 150MW lease option for additional capacity
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
CoreWeave exercised its lease option for an additional 150 megawatts of capacity, with parties expected to execute a third lease agreement on substantially the same terms. This would add approximately $4 billion in contracted revenue and bring total contracted revenue from CoreWeave to approximately $11 billion.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “Since the end of the fourth quarter 2025, CoreWeave exercised its option for an additional 150MW, which would bring the total capacity leased by CoreWeave to 400MW and would add approximately $4 billion in contracted revenue, which would bring total contracted revenue to approximately $11 billion for the approximately 15-year lease terms. Under the option terms, the parties are expected to promptly enter into a new, third lease agreement on substantially the same terms, including the same rent and escalators, as the existing two leases”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The release says CoreWeave exercised its option for 150 MW more and that a third lease on substantially the same terms is expected. It also says this would add about $4 billion, for roughly $11 billion in total contracted revenue.
Confirmed in the source:
- CoreWeave exercised its lease option for an additional 150 megawatts
- The parties are expected to enter a third lease agreement on substantially the same terms as the existing two leases
- The additional lease would add approximately $4 billion in contracted revenue
- Total contracted revenue from the CoreWeave leases would be approximately $11 billion
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/126/applied-digital-reports-fiscal-fourth-quarter-and-full-year/) in full (41,830 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “Since the end of the fourth quarter 2025, CoreWeave exercised its option for an additional 150MW, which would bring the total capacity leased by CoreWeave to 400MW and would add approximately $4 billion in contracted revenue, which would bring total contracted revenue to approximately $11 billion for the approximately 15-year lease terms. Under the option terms, the parties are expected to promptly enter into a new, third lease agreement on substantially the same terms, including the same rent and escalators, as the existing two leases”