Polaris Forge 3 hyperscaler leases 300 MW
Company: Applied Digital - Project: Polaris Forge 3
The claim, verbatim
300 MW of critical IT load contracted under two approximately 15-year leases with high investment-grade hyperscaler at Polaris Forge 3, representing approximately $7.5 billion of contracted revenue over base term. Expected delivery second half 2027 through second half 2028.
Source (primary)
View 10-K (IR page (ir.applieddigital.com), ir_release)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
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, with expected delivery beginning in the second half of calendar year 2027 through the second half of calendar year 2028.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The 10-K states every element of the Polaris Forge 3 lease claim, including capacity, tenant, revenue and delivery window.
Confirmed in the source:
- 300 MW of critical IT load at Polaris Forge 3 is contracted under two approximately 15-year leases
- The tenant is a high investment-grade hyperscaler
- The leases represent approximately $7.5 billion of contracted revenue over the base term
- Expected delivery runs from the second half of 2027 through the second half of 2028
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/sec-filings/all-sec-filings/content/0001144879-26-000048/0001144879-26-000048.pdf) in full (630,756 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms View 10-K
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, with expected delivery beginning in the second half of calendar year 2027 through the second half of calendar year 2028.”