CoreWeave Polaris Forge 1 lease agreement
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Three 15-year leases with CoreWeave for approximately $11 billion in aggregate rental revenue over the lease term for 400 megawatts at Polaris Forge 1 in Ellendale, North Dakota, with options for three additional five-year renewals
Source (primary)
Applied Digital DEF 14A filed 2025-09-22 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
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 September 16, 2026. The cited source supports every part of this claim.
The proxy's shareholder letter states every element of this claim, including the lease count, term, revenue figure, megawatts, location and renewal options.
Confirmed in the source:
- Applied Digital secured three 15-year leases with CoreWeave
- The leases cover approximately 400 megawatts at the Polaris Forge 1 campus in Ellendale, North Dakota
- Anticipated aggregate rental revenue over the term is approximately $11 billion
- The leases include options for three additional five-year renewals
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000149315225014495/formdef14a.htm) in full (214,994 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital DEF 14A filed 2025-09-22
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”