Macquarie Asset Management investment partnership closed
Company: Applied Digital - Project: Polaris Forge 1
What the later record shows
Not a promise: a reported event · happened October 6, 2025
The claim reports a partnership closing that had already happened on October 6, 2025. The earnings release confirms the initial $112.5 million draw from the Macquarie facility.
“Drew an initial $112.5 million from our $5 billion preferred equity facility with Macquarie Asset Management”
2025-10-09 · Earnings Release View cached copy (2026-10-08)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
Applied Digital closed an investment partnership with Macquarie Asset Management on October 6, 2025, providing for up to $450 million in Polaris Forge 1 and up to $4.55 billion in future HPC data center project investment opportunities through April 6, 2028
Source (primary)
Applied Digital 8-K filed 2025-10-09 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “On October 6, 2025, Applied Digital Corporation ("APLD," or the "Company"), through its indirect, wholly-owned subsidiaries, closed on its investment partnership with entities managed by Macquarie Asset Management ("MAM")”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The filing states the closing date, the $450 million Polaris Forge 1 commitment, and the $4.55 billion opportunity right running through April 6, 2028. The filing also describes a possible additional $250 million for Polaris Forge 1 if certain conditions are met, which the claim does not mention.
Confirmed in the source:
- Applied Digital, through its subsidiaries, closed its investment partnership with entities managed by Macquarie Asset Management on October 6, 2025
- The partnership provides for a total potential Macquarie investment of $450 million in Polaris Forge 1 ($112.5 million at closing plus two $168.75 million tranches)
- Until April 6, 2028, Macquarie has the right to invest in Applied Digital's other HPC data center projects, up to an aggregate of $4.55 billion
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000149315225017609/form8-k.htm) in full (22,804 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2025-10-09
Quote: “On October 6, 2025, Applied Digital Corporation ("APLD," or the "Company"), through its indirect, wholly-owned subsidiaries, closed on its investment partnership with entities managed by Macquarie Asset Management ("MAM")”