Investment Grade Hyperscaler Polaris Forge 2 lease
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Applied Digital signed two 15-year leases with two 5-year renewal options for 2 buildings at Polaris Forge 2 with a U.S. based Investment-Grade Hyperscaler, utilizing 200 MW of Critical IT load.
Source (primary)
Investor Presentation (IR page (ir.applieddigital.com), ir_presentation)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “U.S. Based Investment-Grade Hyperscaler - Signed two 15-year leases with two 5- year options for 2 buildings at Polaris Forge 2, utilizing 200 MW of Critical IT load”
How we checked this
Checked on September 16, 2026. The cited source supports every part of this claim.
The company timeline states all of these elements, and the Polaris Forge 2 slide repeats the 200 MW contracted load, two leases, investment-grade counterparty and two 5-year options.
Confirmed in the source:
- Applied Digital signed two leases for 2 buildings at Polaris Forge 2 with a U.S.-based investment-grade hyperscaler
- The Polaris Forge 2 leases have 15-year base terms with two 5-year renewal options
- The Polaris Forge 2 leases cover 200 MW of Critical IT load
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/_assets/_0d036ffb66b2bfe154912829a47150be/appliedblockchaininc/db/2905/27269/pdf/APLD_INV_June2026_Updated-compressed.pdf) in full (47,679 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “U.S. Based Investment-Grade Hyperscaler - Signed two 15-year leases with two 5- year options for 2 buildings at Polaris Forge 2, utilizing 200 MW of Critical IT load”