Investment-grade hyperscaler 200 MW lease at Polaris Forge 2
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
U.S. based investment-grade hyperscaler signed approximately 15-year lease for 200 MW of AI and HPC capacity at Polaris Forge 2, with phased delivery beginning in 2026
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “Announced an approximately 15‑year lease with a U.S. based investment‑grade hyperscaler for 200MW of AI and HPC capacity at the under‑construction Polaris Forge 2 campus, with phased delivery across two buildings beginning in 2026”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The release says the company signed an approximately 15-year lease on October 22, 2025 for 200 MW at Polaris Forge 2, with phased delivery beginning in 2026.
Confirmed in the source:
- A U.S. based investment-grade hyperscaler signed an approximately 15-year lease
- The lease covers 200 MW of AI and HPC capacity at Polaris Forge 2
- Phased delivery begins in 2026
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/142/applied-digital-reports-fiscal-second-quarter-2026-results/) in full (45,559 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “Announced an approximately 15‑year lease with a U.S. based investment‑grade hyperscaler for 200MW of AI and HPC capacity at the under‑construction Polaris Forge 2 campus, with phased delivery across two buildings beginning in 2026”