Applied Digital designs, builds, and operates high-performance data centers for AI, cloud, networking, and blockchain workloads. Its Delta Forge 1 campus spans more than 500 acres and is rated at 430 MW of AI Factory capacity, engineered to support both training and inference workloads. Initial operations are expected to commence in mid-2027.
Investors not disclosed; tenant is described as a U.S.-based investment-grade hyperscaler but is not named in the article.
The 15-year, 300 MW lease valued at approximately $7.5 billion pushes Applied Digital's total contracted revenue past $23 billion and gives the company a third hyperscale tenant, with more than 50% of that revenue now backed by investment-grade customers. The deal signals continued hyperscaler demand for purpose-built, large-scale AI compute capacity ahead of the campus coming online. Separately, Applied Digital expects to close up to $600 million in new credit facilities to fund ongoing development at Delta Forge 1 and its Polaris Forge 1 campus.