Applied Digital announced a significant long-term lease valued at $7.5 billion with an unnamed U.S. hyperscaler for its Delta Forge 1 site. The 15-year agreement covers 300 megawatts of computing capacity, reinforcing Applied Digital's role as a key data center provider for artificial intelligence workloads.
This deal marks Applied Digital's second U.S.-based, investment-grade hyperscale tenant, boosting total contracted lease revenue to over $23 billion. The agreement reflects surging demand for data centers as major tech firms invest heavily in AI infrastructure.
More than half of Applied Digital's contracted revenue is now secured by investment-grade clients. The company specializes in large data centers for AI and cloud computing, positioning it to benefit from the AI boom.
Separately, Applied Digital anticipates securing up to $600 million in financing to support development at its Polaris Forge 1 campus and for working capital. The Delta Forge 1 campus, spanning over 500 acres, is designed for large-scale AI operations with high-capacity power and cooling systems, with initial operations set for mid-2027.