Macquarie investment right in future HPC data center projects
Company: Applied Digital
The claim, verbatim
From October 6, 2025 through April 6, 2028, Macquarie has the right to invest in additional HPC data center projects developed outside the Polaris Forge 1 entity at $2.25 million per MW capacity, up to $4.55 billion aggregate across all such projects, bringing total potential investment inclusive of Polaris Forge 1 to $5.0 billion
Source (primary)
Applied Digital 8-K filed 2025-10-09 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “the Purchaser will have the right to invest in such project at the rate of $2.25 million per MW of capacity, up to an aggregate of $4.55 billion across all such projects, for a total investment inclusive of the Polaris Forge 1 of $5.0 billion”
How we checked this
Checked on September 16, 2026. The cited source supports every part of this claim.
The filing sets out the period, the per-MW rate, the $4.55 billion aggregate cap, and the $5.0 billion total.
Confirmed in the source:
- From the Initial Closing (October 6, 2025) until April 6, 2028, Applied Digital will conduct HPC data center development outside the Subsidiary Issuer and must offer the Purchaser the opportunity to invest in those projects
- If the Purchaser accepts a project, it may invest at a rate of $2.25 million per MW of capacity
- The Purchaser's investment in such additional projects is capped at $4.55 billion in the aggregate
- Total potential investment inclusive of Polaris Forge 1 is $5.0 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: “the Purchaser will have the right to invest in such project at the rate of $2.25 million per MW of capacity, up to an aggregate of $4.55 billion across all such projects, for a total investment inclusive of the Polaris Forge 1 of $5.0 billion”