CoreWeave lease agreement - Polaris Forge 1
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Applied Digital secured three 15-year leases with CoreWeave for approximately $11 billion in anticipated aggregate rental revenue over the term for 400 megawatts at Polaris Forge 1 in Ellendale, North Dakota, with options for three additional five-year renewals
Source (primary)
View PDF (IR page (ir.applieddigital.com), ir_release)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “securing three 15-year leases with CoreWeave for approximately $11 billion in anticipated aggregate rental revenue over the term for 400 megawatts at our Polaris Forge 1 campus in Ellendale, North Dakota, with options for three additional five-year renewals”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The CEO's letter in the proxy statement states every element of this claim: the lease count and term, the counterparty, the revenue figure, the capacity, the location and the renewal options.
Confirmed in the source:
- Applied Digital secured three 15-year leases with CoreWeave
- The leases carry approximately $11 billion in anticipated aggregate rental revenue over the term
- The leases cover 400 megawatts at the Polaris Forge 1 campus in Ellendale, North Dakota
- The leases include options for three additional five-year renewals
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/sec-filings/all-sec-filings/content/0001493152-25-014495/0001493152-25-014495.pdf) in full (206,490 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms View PDF
Quote: “securing three 15-year leases with CoreWeave for approximately $11 billion in anticipated aggregate rental revenue over the term for 400 megawatts at our Polaris Forge 1 campus in Ellendale, North Dakota, with options for three additional five-year renewals”