Applied Digital signed a 15-year take-or-pay lease for 210 MW of IT load at its fifth AI Factory campus with a U.S. investment-grade hyperscaler. The deal adds $5.2 billion in base-term revenue and boosts its total portfolio to 1.4 GW and $36 billion across five campuses, or $12.7 billion including renewals.
Applied Digital has entered a 15-year take-or-pay lease for 210 MW of IT load at Delta Forge 2, its fifth AI Factory campus, securing a commitment from a U.S. investment-grade hyperscaler. The agreement carries approximately $5.2 billion in base-term revenue with renewal options extending contractual value to $12.7 billion over 30 years.
This new lease lifts Applied Digital’s contracted portfolio to 1.4 GW of critical IT load and about $36 billion in total base-term lease revenue across five campuses. Approximately 70% of the company’s contracted revenue is now backed by U.S. investment-grade hyperscalers, underscoring strong demand for its franchise model.
Delta Forge 2 is engineered with proprietary waterless cooling and high-density power infrastructure to support large-scale AI training and inference workloads. Initial operations are expected to commence in the first quarter of 2028, further expanding Applied Digital’s AI Factory footprint in southern U.S. markets.
