HPC Hosting contracted capacity portfolio
Company: Applied Digital
The claim, verbatim
Executed long-term leases representing approximately 1,410 MW of contracted critical IT load across five campuses (Polaris Forge 1, 2, and 3 in North Dakota and Delta Forge 1 and 2 in Louisiana and another southern state), representing approximately $36 billion of total contracted revenue over the initial 15-year base lease terms.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “As of May 31, 2026, the Company had executed long-term leases representing approximately 1,410 MW of contracted critical IT load across five campuses — Polaris Forge 1, 2, and 3 in North Dakota and Delta Forge 1 and 2 in Louisiana and another southern state — representing approximately $36 billion of total contracted revenue over the initial 15-year base lease terms, or approximately $86 billion if all renewal options are exercised.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The HPC Hosting Update section states the capacity, the five campuses and the $36 billion base-term contracted revenue figure.
Confirmed in the source:
- Applied Digital had executed long-term leases for approximately 1,410 MW of contracted critical IT load
- The leases span five campuses: Polaris Forge 1, 2 and 3 in North Dakota and Delta Forge 1 and 2 in Louisiana and another southern state
- The leases represent approximately $36 billion of total contracted revenue over the initial 15-year base lease terms
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year/) in full (55,581 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “As of May 31, 2026, the Company had executed long-term leases representing approximately 1,410 MW of contracted critical IT load across five campuses — Polaris Forge 1, 2, and 3 in North Dakota and Delta Forge 1 and 2 in Louisiana and another southern state — representing approximately $36 billion of total contracted revenue over the initial 15-year base lease terms, or approximately $86 billion if all renewal options are exercised.”