Polaris Forge 2 Hyperscaler Total Contract Revenue
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Lease agreement with U.S. based investment grade hyperscaler representing approximately $5 billion in total contracted revenue over approximate 15-year lease term for 200 MW at Polaris Forge 2
Source (primary)
Applied Digital S-3 filed 2025-12-05 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “On October 22, 2025, we announced that we entered into a lease agreement, representing approximately $5 billion in total contracted revenue over the approximate 15-year lease term, with a U.S. based investment grade hyperscaler for 200 MW of critical IT load at Polaris Forge 2 campus”
How we checked this
Checked on September 16, 2026. The cited source supports every part of this claim.
The Recent Developments section states the approximately $5 billion contracted revenue figure along with the term, counterparty description and 200 MW load.
Confirmed in the source:
- The Polaris Forge 2 hyperscaler lease represents approximately $5 billion in total contracted revenue
- The lease term is approximately 15 years
- The counterparty is 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/1144879/000149315225026369/forms-3.htm) in full (89,712 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital S-3 filed 2025-12-05
Quote: “On October 22, 2025, we announced that we entered into a lease agreement, representing approximately $5 billion in total contracted revenue over the approximate 15-year lease term, with a U.S. based investment grade hyperscaler for 200 MW of critical IT load at Polaris Forge 2 campus”