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← Applied Digital Corporation
Thu, Apr 23, 2026

Applied Digital signs $7.5 billion hyperscaler lease at Delta Forge 1

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Key points

  • Signed a lease with a new U.S.-based high investment-grade hyperscaler at the 430 MW Delta Forge 1 AI factory campus.
  • The lease represents approximately $7.5 billion in total contracted value over an estimated 15-year term and covers 300 MW of critical IT load.
  • The tenant is Applied Digital's second U.S.-based investment-grade hyperscaler and third hyperscale tenant, expanding total contracted lease revenue to over $23 billion, with more than 50% now backed by investment-grade customers.
  • Initial operations at Delta Forge 1, a campus spanning more than 500 acres, are anticipated to commence in mid-2027.
  • The company also expects to enter an up to $300 million senior secured bridge facility for the 150 MW Building 3 at Polaris Forge 1 and an up to $300 million senior secured revolving credit facility for platform-wide development and working capital.

Deal

Undisclosed customerApr 2026
SiteDelta Forge 1
Contracted capacity300 MW
Contract value$7.5B
Duration15 years take-or-pay
Expected launchmid-2027

Site update

SiteStatusActiveIn buildTheoretical
Delta Forge 1Boyce, LA

430 MW AI factory campus spanning more than 500 acres; $7.5 billion 15-year hyperscaler lease covering 300 MW of critical IT load signed; initial operations anticipated to commence in mid-2027 | In-construction figure carried from the 2026-04-08 fiscal Q3 2026 results: "Broke ground on Delta Forge 1, a 300 MW critical IT load campus".

Disclosed—300 MWIT430 MWgross