Applied Digital Corporation has entered into a long-term lease agreement with a U.S.-based investment-grade hyperscaler for its new Delta Forge 2 AI Factory campus. The 15-year take-or-pay agreement for 210 MW of capacity is expected to generate approximately $5.2 billion in base-term contracted revenue, expanding the company's total portfolio to five AI campuses.
Key Details
- Agreement Terms: The lease covers 210 MW of critical IT load under a 15-year take-or-pay structure, representing approx. $5.2 billion in base revenue. With renewal options, the total term could extend to 30 years, valued at approx. $12.7 billion.
- Portfolio Impact: This agreement brings Applied Digital's total contracted portfolio to 1.4 GW of critical IT load and approximately $36 billion in total base-term lease revenue across its five campuses.
- Timeline: Initial operations for the Delta Forge 2 campus are anticipated to begin in the first quarter of 2028.