Applied Digital leases 300 MW at its Delta Forge 1 campus in Louisiana to an unnamed hyperscaler for about 15 years, about $7.5B

The parties

• Applied Digitalcompany pageLandlord
• Undisclosed hyperscalerTenant

The source

Applied Digital 8-K Ex. 99.1, filed 2026-04-23Regulatory filing

Two leases entered 20 and 22 April 2026 by subsidiaries APLD AEX-01 LLC and APLD AEX-02 LLC (10-K filed 2026-07-29); announced 23 April 2026. About 15-year take-or-pay term covering 300 MW of critical IT load at Delta Forge 1, Boyce, Louisiana (location per the Q4 FY26 release), a campus Applied Digital describes as 430 MW. The tenant is a U.S.-based high investment-grade hyperscaler, not named; Applied Digital's second U.S. investment-grade hyperscaler tenant, and the same one that later signed Polaris Forge 3 and Delta Forge 2. Initial operations expected mid-2027 (release); the 10-Q (filed 2026-10-07) gives initial ready-for-service in the first half of calendar 2027 and full capacity in early 2028. With this lease Applied Digital stated total contracted lease revenue of over $23B.

The same parties, other deals

• Applied Digital signs a 15-year power purchase agreement with Base Electron for a planned 1,200 MW gas plant in Center, North Dakotaundisclosed · 7 Oct 2026
• Applied Digital leases all 210 MW of its Delta Forge 2 campus to an unnamed hyperscaler for about 15 years, about $5.2B$5.2B · 8 Jun 2026
• Applied Digital leases 300 MW at its Polaris Forge 3 campus to an unnamed hyperscaler for about 15 years, about $7.5B$7.5B · 20 May 2026
• CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7B$7B · 2 Jun 2025