Contract Ledger

Applied Digital also entered into a Memorandum of Understanding with CoreWeave on June 5, 2026, to assign the lease with CoreWeave for Building 3 at the Polaris Forge 1 campus to a CoreWeave subsidiary, if that subsidiary achieves an investment grade credit rating.

The agreement covers 210 MW of critical IT load under a 15-year take-or-pay structure with renewal options, representing approximately $5.2 billion in base-term contracted revenue, or approximately $12.7 billion if all renewal options are exercised over a 30-year total term.

Extension: Renewal options; total term up to 30 years with total revenue ~$12.7B

The Issuer intends to use the net proceeds from the offering to fund the development and construction of 200 megawatts of critical IT load at Polaris Forge 2, its AI Factory campus in Harwood, North Dakota currently leased to Oracle

In connection with and as partial consideration for the Company’s entry into the Guarantee, Base Electron has agreed to issue to Applied Digital 10% of Base Electron’s outstanding equity. ... Applied Digital’s maximum potential exposure under the Guarantee is effectively limited by the obligations of Base Electron under the Design-Build Agreement, which provides for an anticipated total contract price of approximately $2.4 billion, subject to Applied Digital’s right to limit those obligations by terminating the Guarantee under the circumstances set forth in Item 1.01 of this Current Report on Form 8-K. ... the payment by the Company of a termination fee equal to either $50 million (if paid by August 1, 2026 and Base Electron is current in its payments to B&W) or $100 million.

APLD DevCo LLC, a Delaware limited liability company (the “Company”) hereby unconditionally promises to pay to Macquarie Equipment Capital, Inc. ... the principal sum of (a) FORTY FIVE MILLION DOLLARS ($45,000,000.00) ... plus (b) FIFTY FIVE MILLION DOLLARS ($55,000,000.00) ... (the “Initial Loan”) ... The Loan matures on the earliest of (i) the date of acceleration of the Loan, (ii) July 18, 2026, to the extent the Initial Lease Execution (as defined therein) has not occurred on or before April 18, 2026, or (iii) December 18, 2027 (the “Maturity Date”).

Extension: Uncommitted Additional Loans and Rollover Loans for new or existing data center projects at Lender's sole discretion; DevCo Facility terminates no later than December 18, 2027.

The Polaris Forge 2 campus has leased 200 MW of critical IT capacity, currently under construction, to a U.S.-Based Investment Grade Hyperscaler, which also holds the first right of refusal for an additional 800 MW of critical IT load at that campus

Extension: First right of refusal for an additional 800 MW of critical IT load at the same campus.

The Promissory Note provides for a principal sum of (a) $50 million (the “Initial Loan”), which was drawn on the Closing Date, plus (b) subject to the mutual consent of the Borrower and the Lender, additional loans in an aggregate principal amount not to exceed $25 million (the “Additional Loans” and together with the Initial Loan, the “Loan”). ... Proceeds of the Loan under the Promissory Note will be used, in part, to ... (iii) fund the purchase of the financed properties located on the Company’s campus in Harwood, ND (“Polaris Forge 2”), including all associated closing costs, title fees, and legal expenses, (iv) finance improvements to the Polaris Forge 2 properties, (v) fund the purchase of the Transformers (as defined therein) and other equipment expected to be installed and used for