Applied Digital designs, builds, and operates high-performance data centers for AI, cloud, networking, and blockchain workloads. The company's AI Factory model deploys a standardized team of design, construction, and operations professionals across campuses, using proprietary waterless cooling and high-density power infrastructure built for large-scale AI training and inference.
Investors not disclosed; tenant is a U.S. based high investment-grade hyperscaler, unnamed in the announcement.
The 210 MW, 15-year take-or-pay lease at Delta Forge 2 adds approximately $5.2 billion in base-term contracted revenue, bringing Applied Digital's total contracted portfolio to roughly $36 billion across five campuses and 1.4 GW of critical IT load. The deal marks the company's third long-term agreement with the same unnamed hyperscaler, showing that a single large customer is repeatedly committing to the same operator at scale. With initial operations not expected until Q1 2028, the deal illustrates how far in advance hyperscalers are locking up dedicated AI compute capacity.