Applied Digital Leases 210 MW at Fifth AI Campus, Lifting Contracted Revenue to $36 Billion
Updated
Updated · ir.applieddigital.com · Jun 8
Applied Digital Leases 210 MW at Fifth AI Campus, Lifting Contracted Revenue to $36 Billion
3 articles · Updated · ir.applieddigital.com · Jun 8
Summary
Applied Digital signed a 15-year take-or-pay lease for 210 MW of critical IT load at Delta Forge 2, a new southern-state campus set to begin initial operations in Q1 2028.
The deal with a U.S.-based investment-grade hyperscaler is expected to generate about $5.2 billion in base-term revenue, rising to $12.7 billion if renewal options extend the term to 30 years.
That agreement makes Delta Forge 2 Applied Digital’s fifth AI Factory campus and its third long-term lease with the same hyperscaler, reflecting sustained demand for AI training and inference capacity.
Applied Digital said its contracted portfolio now totals 1.4 GW of critical IT load, about 2.15 GW of grid-connected utility power, and roughly $36 billion in base-term lease revenue across five campuses.
About 70% of contracted revenue is now backed by U.S.-based investment-grade hyperscalers as the company expands its franchise-style data center model using waterless cooling and high-density power infrastructure.