Monday, Aug 24, 2026/Monday briefing
Ellendale is still a sequencing problem: power, then hall, then tenant
Applied Digital’s North Dakota campus is the beat. The July 10-K describes development. It does not describe a finished offtake stack.
Summary
Applied Digital filed its Form 10-K on July 29 and an earnings 8-K two days earlier. Ellendale remains a rural MISO-adjacent campus where the order of operations has not changed: delivery, then white space, then a tenant who can actually take the hall. Jamestown is the standing plant. Treating the two as one contracted HPC region is how the week gets misread. June’s Item 1.01 packages are real paper. They are not a substitute for a named, energized lease.
Why it matters
Developers in this coverage set get pulled into the same multiple as operating GPU clouds. Applied Digital is a campus company. The 10-K is the place to watch sequencing — not a social post about North Dakota.
Companies affected
Risks
- Substation and delivery slip move COD without a matching customer headline.
- Item 1.01 agreements can be financing rather than offtake. Read the items.
- Jamestown conversion is optional. A standing miner is not an HPC lease.
Sources
More from HPC Daily
- IR
Aug 28, 2026IREN’s 10-K is the interconnection document, not the GPU brochure - CO
Aug 27, 2026Core Scientific keeps filing toward CoreWeave. Close is still a process. - NB
Aug 26, 2026Nebius dropped another 6-K. The constraint is still not GPUs. - WU
Aug 25, 2026Lake Mariner is a power site first. The tenant question is second.