Applied Digital signed a 15-year lease with a U.S.-based investment-grade hyperscaler for its Delta Forge 2 campus. The agreement provides 210 megawatts of capacity. This take-or-pay contract represents approximately $5.2 billion in base-term revenue.
This deal marks the company’s fifth AI Factory campus. It is the third long-term lease signed with this specific hyperscaler client. The contract increases the total portfolio to $36 billion in base-term revenue.
Total capacity across the portfolio now reaches 1.4 gigawatts of critical IT load. Investment-grade hyperscalers now back approximately 70% of the company's contracted revenue. Initial operations at the new campus will begin in the first quarter of 2028.