Polaris Forge 2 - hyperscaler tenant in advanced discussions
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
In advanced discussions with investment-grade hyperscaler; aligned on key lease terms; customer would hold first right of refusal on full 1 GW contingent on additional power
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “We are currently in advanced discussions with an investment-grade hyperscaler and have aligned on many of the key lease terms with them. Should the lease be executed, the customer would hold first right of refusal on the full 1 GW of capacity, contingent on securing additional power.”
How we checked this
Checked on September 16, 2026. The cited source supports every part of this claim.
Management commentary states the advanced discussions, the alignment on key lease terms, and the conditional first right of refusal on the full 1 GW.
Confirmed in the source:
- Applied Digital says it is in advanced discussions with an investment-grade hyperscaler
- The company says it has aligned on many key lease terms with that hyperscaler
- If the lease were executed, the customer would hold a first right of refusal on the full 1 GW of capacity, contingent on securing additional power
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/131/applied-digital-reports-fiscal-first-quarter-2026-results/) in full (34,764 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “We are currently in advanced discussions with an investment-grade hyperscaler and have aligned on many of the key lease terms with them. Should the lease be executed, the customer would hold first right of refusal on the full 1 GW of capacity, contingent on securing additional power.”