Applied Digital said it has signed a new 15-year lease with a U.S.-based investment-grade hyperscaler at its Delta Forge 1 campus, adding about $7.5 billion in total contracted value and 300 megawatts of critical IT load.
The deal lifts Applied Digital’s total contracted revenue to more than $23 billion, up from a level below that mark before the new agreement. The company also said the new tenant becomes its second U.S.-based investment-grade hyperscaler across three AI factory campuses, and its third hyperscale tenant overall. More than 50% of total contracted revenue is now backed by investment-grade customers.
Delta Forge 1 is a 430 MW AI factory campus spanning more than 500 acres. Initial operations there are expected to begin in mid-2027.
Applied Digital also said it expects to enter into two financing facilities: an up to $300 million senior secured bridge facility for continued development of Building 3 at its Polaris Forge 1 campus, and an up to $300 million senior secured revolving credit facility for pre-lease and post-lease development activities, working capital, and transaction expenses. Today the company's shares have moved -9.36% to a price of $25.715. Check out the company's full 8-K submission here.
