Tue, Jun 9, 2026

Applied Digital signs $5.2 billion hyperscaler lease at Delta Forge 2

Key points

Signed a long-term lease with a U.S.-based high investment-grade hyperscaler at Delta Forge 2, a purpose-built AI factory campus in a new southern state and the company's fifth campus.
The lease covers 210 MW of critical IT load under a 15-year take-or-pay structure with renewal options, representing approximately $5.2 billion in base-term contracted revenue, or approximately $12.7 billion if all renewal options are exercised over a 30-year total term.
This is the third long-term lease with the same investment-grade hyperscaler; approximately 70% of contracted revenue is now backed by U.S.-based investment-grade hyperscalers.
Contracted portfolio now spans five AI factory campuses with 1.4 GW of critical IT load, approximately 2.15 GW of grid-connected utility power, and approximately $36 billion in contracted base-term lease revenue ($86 billion with all renewals).
Initial operations are anticipated to commence in Q1 2028.

Undisclosed customerJun 2026

SiteDelta Forge 2

Contracted capacity210 MW

Contract value$5.2B

Duration15 years take-or-pay

Expected launchQ1 2028

Site	Status	Active	In build	Theoretical
Delta Forge 2Alabama Fifth AI factory campus, located in a new southern state; 210 MW critical IT load leased to a U.S.-based investment-grade hyperscaler under a 15-year take-or-pay lease; incorporates proprietary waterless cooling and high-density power infrastructure; initial operations anticipated Q1 2028	Disclosed	—	—	—