Applied Digital signs $5.2B AI factory lease at Delta Forge 2 campus

Applied Digital (Nasdaq: APLD) said on June 8, 2026 that it signed a 15-year take-or-pay lease worth roughly $5.2 billion at Delta Forge 2, a purpose-built AI Factory campus in an undisclosed southern US state, the company announced. The agreement covers 210 megawatts of critical IT load for an unnamed, US-based, high investment-grade hyperscaler.

The lease is Applied Digital's third long-term deal with the same unnamed customer and marks its fifth AI Factory campus. Under the take-or-pay structure, the tenant is committed to paying for the contracted capacity whether or not it uses it — the arrangement that underpins the company's revenue visibility.

With Delta Forge 2 added, Applied Digital's portfolio spans five campuses representing 1.4 gigawatts of critical IT load and about 2.15 gigawatts of grid-connected utility power, and approximately $36 billion in total contracted base-term lease revenue, according to the company. The base-term figure rises to about $86 billion if all renewal options are exercised; the Delta Forge 2 lease alone reaches roughly $12.7 billion over a potential 30-year term. About 70 percent of contracted revenue is backed by US investment-grade hyperscalers, the company said, and the new campus uses its proprietary waterless cooling.

Those totals are contracted, not yet earned. Initial operations at Delta Forge 2 are not expected until the first quarter of 2028, and the headline values assume options that may never be exercised and construction that has yet to be completed; the customer's identity and creditworthiness are also undisclosed beyond the "investment-grade" label. Applied Digital filed a Form 8-K with the Securities and Exchange Commission on the lease, and its shares rose after the announcement. The deal extends a run of hyperscaler commitments to dedicated AI capacity, with the test being execution between signing and the 2028 start.