Applied Digital Enters Lease Agreement With U.S. Based Hyperscaler For USD 7,500 Million At Delta Forge 1 Campus

Published: 2026-04-23 12:50:49 ET APLD

Published on 04/23/2026 at 12:50 pm EDT

Applied Digital entered into a lease agreement with a new U.S. based high investment-grade hyperscaler at its 430 MW AI Factory campus, Delta Forge 1. This lease represents approximately USD 7,500 million in total contracted value over an estimated 15-year lease term and covers 300 megawatts (MW) of critical IT load, purpose-built to support the hyperscaler?s artificial intelligence (AI) and high-performance compute (HPC) infrastructure. With this agreement, the tenant becomes Applied Digital?s second U.S. based investment-grade hyperscaler across three AI Factory campuses. This addition expands total contracted lease revenue to over USD 23,000 million and further diversifies the company?s customer base with a third hyperscale tenant.

More than 50% of total contracted revenue is now backed by investment-grade customers. Delta Forge 1 is Applied Digital?s newest AI Factory campus, spanning more than 500 acres and designed from the ground up to support large-scale AI workloads. The campus integrates high-density power delivery, advanced cooling architecture, and disciplined operational design to enable consistent performance at scale.

Built on Applied Digital?s repeatable AI Factory model, Delta Forge 1 is engineered to support both training and inference workloads in high-density environments. Initial operations at Delta Forge 1 are anticipated to commence in mid-2027. Applied Digital expects to enter into an up to USD 300 million senior secured bridge facility to fund continued development of the 150 MW Building 3 data center located on its Polaris Forge 1 campus, and an up to USD 300 million senior secured revolving credit facility to fund pre-lease and post-lease development activities across Applied Digital?s platform, as well as general working capital needs and transaction expenses.

These credit facilities are expected to be on customary market terms for facilities of this type, to close promptly, and be provided by a syndicate of bank lenders.