CoreWeave lease credit enhancements with $50 million letter of credit
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Restructured CoreWeave leases at Polaris Forge 1 with $50 million letter of credit securing ELN-02 lease
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The release describes the restructured CoreWeave leases at Polaris Forge 1 and the $50 million letter of credit securing the ELN-02 lease.
Confirmed in the source:
- Applied Digital restructured its leases with CoreWeave through a CoreWeave SPV subsidiary
- The leases are at the Polaris Forge 1 campus
- CoreWeave, Inc. posted a $50 million letter of credit securing the ELN-02 lease
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/148/applied-digital-reports-fiscal-third-quarter-2026-results/) in full (47,432 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “CoreWeave, Inc. posting a $50 million letter of credit securing the ELN-02 lease.”