CoreWeave 250MW lease agreements at Polaris Forge 1
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Applied Digital signed two 15-year lease agreements with CoreWeave to deliver 250 megawatts of critical IT load at Polaris Forge 1 in Ellendale, North Dakota, expected to generate approximately $7 billion in contracted revenue over the lease terms.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “signed two transformative 15-year lease agreements with CoreWeave, an AI hyperscaler, to deliver 250 megawatts of critical IT load at our Ellendale, North Dakota data center campus ("Polaris Forge 1"). These signed lease agreements are expected to generate approximately $7 billion in contracted revenue over the approximate 15-year lease terms.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The press release states each element of this claim: two 15-year CoreWeave leases for 250 MW at Polaris Forge 1 in Ellendale, expected to bring in about $7 billion.
Confirmed in the source:
- Applied Digital signed two 15-year lease agreements with CoreWeave
- The leases cover 250 megawatts of critical IT load
- The leased capacity is at the Polaris Forge 1 campus in Ellendale, North Dakota
- The leases are expected to generate approximately $7 billion in contracted revenue over the lease terms
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: “signed two transformative 15-year lease agreements with CoreWeave, an AI hyperscaler, to deliver 250 megawatts of critical IT load at our Ellendale, North Dakota data center campus ("Polaris Forge 1"). These signed lease agreements are expected to generate approximately $7 billion in contracted revenue over the approximate 15-year lease terms.”