Polaris Forge 3 contracted capacity and revenue
Company: Applied Digital - Project: Polaris Forge 3
The claim, verbatim
Polaris Forge 3 is 300 MW critical IT load campus contracted under two approximately 15-year leases with three five-year renewal options with high investment-grade hyperscaler, representing approximately $7.5 billion of contracted revenue over base term
Source (primary)
Applied Digital 10-K filed 2026-07-29 (SEC EDGAR, sec_filing)
View cached copy (2026-08-30)Live source ↗
Quote: “The aggregate 300 MW of critical IT load is contracted under two approximately 15-year leases (with three five-year renewal options) with a high investment-grade hyperscaler, representing approximately $7.5 billion of contracted revenue over the base term”
How we checked this
Checked on September 13, 2026. The cited source supports every part of this claim.
The 10-K's Polaris Forge 3 description states each of these terms. The MD&A section refers to a single lease signed May 20, 2026 for the campus, which is not consistent with the two leases described elsewhere.
Confirmed in the source:
- Polaris Forge 3 is a 300 MW critical IT load campus
- The capacity is contracted under two approximately 15-year leases
- The leases include three five-year renewal options
- The counterparty is a high investment-grade hyperscaler
- The leases represent approximately $7.5 billion of contracted revenue over the base term
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: “The aggregate 300 MW of critical IT load is contracted under two approximately 15-year leases (with three five-year renewal options) with a high investment-grade hyperscaler, representing approximately $7.5 billion of contracted revenue over the base term”