Polaris Forge 3 Lease (300 MW)
Company: Applied Digital - Project: Polaris Forge 3
The claim, verbatim
Signed a 15-year take-or-pay lease for 300 MW with the same high investment-grade hyperscaler at Polaris Forge 3 with approximately $7.5 billion in base-term contracted revenue, with initial operations expected to commence in calendar year 2027.
Source (primary)
View PDF (IR page (ir.applieddigital.com), ir_release)
View cached copy (2026-09-01)Live source ↗
Quote: “Signed a second 15-year take-or-pay lease with the same high investment-grade hyperscaler for 300 MW at Polaris Forge 3, which provides for approximately $7.5 billion in base-term contracted revenue, with initial operations expected to commence during calendar year 2027.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The release describes a second 15-year take-or-pay lease with the same hyperscaler for 300 MW at Polaris Forge 3, about $7.5 billion in base-term revenue, with operations expected in 2027.
Confirmed in the source:
- Applied Digital signed a 15-year take-or-pay lease at Polaris Forge 3
- The Polaris Forge 3 lease covers 300 MW
- The Polaris Forge 3 tenant is the same high investment-grade hyperscaler as the Delta Forge 1 lease
- The Polaris Forge 3 lease provides approximately $7.5 billion in base-term contracted revenue
- Initial operations at Polaris Forge 3 are expected to commence during calendar year 2027
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/sec-filings/all-sec-filings/content/0001144879-26-000044/0001144879-26-000044.pdf) in full (57,639 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms View PDF
Quote: “Signed a second 15-year take-or-pay lease with the same high investment-grade hyperscaler for 300 MW at Polaris Forge 3, which provides for approximately $7.5 billion in base-term contracted revenue, with initial operations expected to commence during calendar year 2027.”