Investment-grade hyperscaler lease at Polaris Forge 2
Company: Applied Digital - Project: Polaris Forge 2
What the later record shows
Not a promise: a reported event · happened October 22, 2025
The claim, made 2026-07-28, describes a lease already signed in October 2025, so it is not a forward commitment. The 10-K dates the lease October 20, 2025, not October 22. Later materials put its value at about $4.0-4.8 billion rather than $5.0 billion.
“On October 20, 2025, APLD FAR-01 LLC and APLD FAR-02 LLC, the Company’s subsidiaries, entered into a data center lease with a U.S.-based investment-grade hyperscaler to deliver 200MW of critical IT load”
2026-07-29 · View 10-K View cached copy (2026-09-01)Live source ↗Archive.org ↗
“The lease for our Polaris Forge 2 campus near Harwood, North Dakota, is for an initial 200 MW of critical IT load and is expected to generate approximately $4 billion in contracted revenue”
2026-09-25 · View PDF View cached copy (2026-09-26)Live source ↗Archive.org ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
15-year lease with U.S.-based investment-grade hyperscaler for 200 MW at Polaris Forge 2, entered October 22, 2025, representing approximately $5.0 billion of contracted revenue over base term
Source (primary)
Applied Digital 10-K filed 2026-07-29 (SEC EDGAR, sec_filing)
View cached copy (2026-08-30)Live source ↗
Quote: “On October 22, 2025, we entered into an approximately 15-year lease with a U.S.-based investment-grade hyperscaler for 200 MW of critical IT load at the campus.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The business section gives the October 22, 2025 date, the term and the capacity, and the contracted lease table lists about $5.0B for Polaris Forge 2. The MD&A section separately dates the lease October 20, 2025.
Confirmed in the source:
- Applied Digital entered into an approximately 15-year lease with a U.S.-based investment-grade hyperscaler
- The lease covers 200 MW of critical IT load at Polaris Forge 2
- The lease was entered on October 22, 2025, per the business section
- The Polaris Forge 2 lease represents approximately $5.0 billion of contracted revenue over the 15-year base term
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm) in full (594,188 characters, retrieved August 30, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 10-K filed 2026-07-29
Quote: “On October 22, 2025, we entered into an approximately 15-year lease with a U.S.-based investment-grade hyperscaler for 200 MW of critical IT load at the campus.”