Cartis diligence evidence schedule
Applied Digital Polaris Forge 2 AI Factory Campus
PRJ-0679 · Site · Ellendale, North Dakota, United States
Captured 2026-09-06T04:13:43.272Z · Record last updated 2026-08-27
SHA-256: 9d53cb76fdcb3d9691a600d367e91ca8c6b695207e78da55971f4199383914bd
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Scope and capacity
Applied Digital is constructing Polaris Forge 2 in North Dakota as a two-building hyperscaler AI campus. Company reporting identifies 200 MW for the campus. Applied Digital is associated with the development in Ellendale, Ellendale area, ND, US. The disclosed development scope includes 200 MW planned campus; two buildings under construction. Power and physical infrastructure include purpose-built liquid-cooled AI Factory campus. Applied Digital reports a 200 MW hyperscaler campus under construction. A $2.15 billion senior secured note financing supports development and construction of the 200 MW contracted campus.
Headline: 200 MW Planned critical IT
Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.
Claims and exhibit sources
Location Context · Polaris Forge 2 campus | Ellendale area | North Dakota
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 57146 · Review: Approved · Claim date: Not published
- Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Lifecycle Status · Construction
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 57147 · Review: Approved · Claim date: Not published
- Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Reported Capacity · 200 MW
design · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 57148 · Review: Approved · Claim date: Not published
Headline treatment: Separate claim, not added to the headline
- Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Capacity Basis · Applied Digital reports a 200 MW hyperscaler campus under construction.
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 57149 · Review: Approved · Claim date: Not published
- Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Location Context · Polaris Forge 2 campus | Ellendale area | North Dakota
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 111199 · Review: Approved · Claim date: Not published
- Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Lifecycle Status · Construction
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 111200 · Review: Approved · Claim date: Not published
- Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Reported Capacity · 200 MW
design · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 111201 · Review: Approved · Claim date: Not published
Headline treatment: Selected headline
- Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Capacity Basis · Applied Digital reports a 200 MW hyperscaler campus under construction.
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 111202 · Review: Approved · Claim date: Not published
- Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Development Scale · 200 MW planned campus
Planned / design or future potential · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 111219 · Review: Approved · Claim date: Not published
- Applied Digital fiscal 2026 Form 10-K
Applied Digital · Document date: 2026-07-30 · Corroborating
https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm - Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Development Milestone · Two buildings under construction.
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 111220 · Review: Approved · Claim date: Not published
- Applied Digital fiscal 2026 Form 10-K
Applied Digital · Document date: 2026-07-30 · Corroborating
https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm - Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Power Arrangement · The 200 MW value is under construction design capacity, not operating load.
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 111221 · Review: Approved · Claim date: Not published
- Applied Digital fiscal 2026 Form 10-K
Applied Digital · Document date: 2026-07-30 · Corroborating
https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm - Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Site Configuration · Polaris Forge 2 campus | Ellendale area | North Dakota
actual · Applied Digital Polaris Forge 2 AI Factory Campus (project)
Claim 111222 · Review: Approved · Claim date: Not published
- Applied Digital fiscal 2026 Form 10-K
Applied Digital · Document date: 2026-07-30 · Corroborating
https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm - Applied Digital fiscal third quarter 2026 results
Applied Digital · Document date: 2026-04-08 · Primary
https://www.globenewswire.com/news-release/2026/04/08/3270506/0/en/Applied-Digital-Reports-Fiscal-Third-Quarter-2026-Results.html
Counterparties and capital
Applied Digital · Developer · CMP-1390
$2,150,000,000 · 2026-03-02
Development and construction of 200 MW of contracted critical IT load.
Applied Digital (Sponsor)
Financing record 212; claim-specific source links appear in the exhibit sources where published.
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