Aug. 24 at 11:36 AM
$APLD folks today is looking red. But long term looks great. For those who did not check this page over the weekend here is some gold.
$MSFT is almost certainly the tenant at Delta Forge 1 and 2 and Polaris Forge 3 for
$20 billion.
Why?
Because on August 6th,
$CHRN, owned by APLD, announced it entered into a partnership with Microsoft to deploy up to 50 MW of compute. Obviously that will be deployed at an APLD datacenter and obviously the tenant is going be
$MSFT.
As we know,
$APLD has announced that the same big 4 hyperscaler is the tenant at all three of the above referenced sites, so if
$MSFT is deploying this one of these sites, it is the tenant of all three of those sites. And obviously
$CHRN would never be deploying this at a non-
$APLD AI factory.
This is huge for
$APLD and for the stock. Surprising the financial publications and all the YouTuber brilliant analyst couldn’t put two and two together. But we can and we did.
This deal was announced on August 6 in the
$CHRN 10-K filing:
“Microsoft Strategic Partnership
On August 6, 2026, we entered into a two-year strategic partnership with Microsoft to support the planned deployment of approximately 50 megawatts of AI compute capacity. The deployment is expected to utilize NVIDIA GB300 systems and advanced liquid-cooling infrastructure designed to support high-density, next-generation artificial intelligence and accelerated compute workloads. Upon projected completion in the first calendar quarter of 2027, the deployment is expected to expand our available compute capacity and further strengthen our position as a provider of high-performance digital infrastructure supporting AI and cloud computing applications. The deployment is subject to our ability to obtain financing on favorable terms and other customary development, construction, and operational conditions and milestones, for which there could be penalties and other credits available to our counterparty if we do not meet or perform. No assurance can be given about our ability to meet or perform these conditions and milestones, or to obtain financing on favorable terms or at all.”
https://ir.chronoscale.com/financials-filings/all-sec-filings/content/0001628280-26-058018/chrn-20260531.htm?utm_source=chatgpt.com
Moreover, the disclosure does not reveal:
contract revenue or total contract value;
Microsoft pricing;
the physical location of the 50 MW;
whether Microsoft is obligated to consume/pay for all 50 MW;
whether it is take-or-pay; or
how much capital ChronoScale must raise to build the capacity.
What it does indicate to me is that it’s highly likely that
$APLD’s three site
$20
Billion hyperscaler tenant at Delta Forge 1 and 2 and Polaris Forge 3 is
$MSFT.
