Polaris Forge 2 customer lease
Company: Applied Digital - Project: Polaris Forge 2
What the later record shows
Not a promise: a reported event · happened October 22, 2025
The claim reports a lease already signed in October 2025, so it is not a commitment. The 10-K gives the signing date as October 20, 2025.
“a U.S. based investment-grade hyperscaler holds 200 MW at Polaris Forge 2, representing approximately $5 billion of prospective lease revenue over the term of its lease”
2026-01-07 · Earnings Release View cached copy (2026-10-08)Live source ↗Archive.org ↗
“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 ↗
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
On October 22, 2025, Applied Digital entered into an approximately 15-year lease with a U.S.-based investment-grade hyperscaler for 200 MW of critical IT load at Polaris Forge 2.
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 states this directly. The MD&A section separately dates the lease October 20, 2025.
Confirmed in the source:
- On October 22, 2025, 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
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.”