Ready for Service in Two Phases: Building 2 at Applied Digital's Polaris Forge 1

Applied Digital calls itself a "designer, developer, owner, and operator" of large data centers built for "high-performance computing", which its results release of October 7, 2026 shortens to "HPC". The release reports on the quarter "ended August 31, 2026". Among the results it gives the dates on which a new building at one of its campuses was delivered, half at a time. Parts of the release follow, not the whole.

The campus is Polaris Forge 1, one of "five campuses" the release lists, and the building is called Building 2. ChronoScale, which turns up in the revenue figures, is a company the release calls "majority-owned" by Applied Digital.

Two phases, three months apart

The release's update on its hosting business gives the campus building by building. "The first 100 MW building at Polaris Forge 1 became operational in October 2025. Building 2 (150 MW) was delivered in two 75 MW phases, the first on July 1, 2026 and the second on October 1 subsequent to quarter end, bringing live capacity at the campus to 250 MW." Two phases of equal size, three months apart.

The first phase is also among the release's recent highlights, where one line reads "Delivered Phase 1 of Building 2 (75 MW) at Polaris Forge 1 Ready for Service on July 1, 2026, bringing total live capacity at the campus to 175 MW." The second came after the quarter had closed. The release lists it under the heading "Subsequent to the Quarter".

The second phase, in two phrases

Under that heading the line on Building 2 reads "Delivered the second 75 MW phase of Building 2 at Polaris Forge 1 Ready for Service, bringing total live capacity at the campus to 250 MW." The management commentary gives the day, saying that "On October 1, 2026, the Company achieved Ready for Service for the second 75 MW phase of Building 2 at Polaris Forge 1, bringing fully operational critical IT load at the campus to 250 MW across two buildings and 10 data halls." The phrase is "total live capacity" under that heading and "fully operational critical IT load" in the commentary, beside the same number.

In these passages the release puts two phrases beside one number and does not say whether they mean the same thing. For anyone whose money waits on Ready for Service, that is a question to put to the company.

Where the revenue came from

Further on, the release turns to the company's operating results, and reports that "Services revenue in the fiscal first quarter 2027 was $262.8 million compared to $80.9 million, up 225% from the fiscal first quarter 2026." The increase, it says, "was primarily due to an increase in tenant fit-out services of approximately $157.2 million, as well as $23.0 million in GPU hardware sales related to ChronoScale." The release says that, unless it specifies otherwise, its disclosures "reflect continuing operations only".

What is still under construction

The update on the hosting business does not stop at what was delivered. In the same paragraph it says that "The third HPC building at Polaris Forge 1 (150 MW), along with Polaris Forge 2, Polaris Forge 3, Delta Forge 1, and Delta Forge 2, are in various stages of construction." That is one more building on this campus, and four more campuses.