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SEC filingApplied Digital entered a 15-year, 210 MW lease at its Delta Forge 2 AI Factory campus with a U.S. investment-grade hyperscaler, adding approx $5.2B in base-term contracted revenue and expanding its total portfolio to $36B across five campuses.
This 8-K filing announces Applied Digital's fifth AI Factory campus lease, Delta Forge 2, with a 210 MW, 15-year take-or-pay agreement from a U.S. high investment-grade hyperscaler. The lease is the third with the same hyperscaler, validating Applied Digital's 'franchise model' of replicable design, construction, and operations across markets. The base-term revenue of approximately $5.2 billion, with potential upside to $12.7 billion if all renewal options are exercised, significantly expands the company's contracted backlog to approximately $36 billion across five campuses. This provides multi-decade revenue visibility and strong cash flow potential. The campus will employ proprietary waterless cooling and high-density infrastructure tailored for AI workloads, with initial operations expected in Q1 2028. The company's site selection also emphasizes local economic impact, which supports community relations and project sustainability. Approximately 70% of total contracted revenue is now backed by U.S. investment-grade hyperscalers, reducing credit risk. The updated investor presentation (Exhibit 99.2) likely provides further detail on the company's strategy and portfolio. This transaction underscores robust demand for AI infrastructure and Applied Digital's ability to scale and secure long-term commitments from top-tier customers.