CoreWeave lease - $11 billion total contracted revenue
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
New lease agreement with CoreWeave brings total anticipated contracted lease revenue for Polaris Forge 1 to approximately $11 billion over approximately 15-year terms, including $7 billion from initial leases
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “This new lease agreement with CoreWeave brings Applied Digital's total anticipated contracted lease revenue for Polaris Forge 1 to approximately $11 billion, which includes $7 billion in revenue from the initial two approximately 15-year leases executed in May of this year.”
How we checked this
Checked on September 16, 2026. The cited source supports every part of this claim.
Every figure and term in the claim — the $11 billion total, the $7 billion from the two initial May leases, and the roughly 15-year terms — appears in the release.
Confirmed in the source:
- The new CoreWeave lease brings Applied Digital's total anticipated contracted lease revenue for Polaris Forge 1 to approximately $11 billion
- Approximately $7 billion of that total comes from the initial two leases, which have terms of approximately 15 years and were executed in May 2025
- Management describes the approximately $11 billion as prospective lease revenue over approximately 15-year terms
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/131/applied-digital-reports-fiscal-first-quarter-2026-results/) in full (34,764 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “This new lease agreement with CoreWeave brings Applied Digital's total anticipated contracted lease revenue for Polaris Forge 1 to approximately $11 billion, which includes $7 billion in revenue from the initial two approximately 15-year leases executed in May of this year.”