Applied Digital leases all 210 MW of its Delta Forge 2 campus to an unnamed hyperscaler for about 15 years, about $5.2B
Signed · announced 8 Jun 2026 · the week to 12 Jun 2026
- Size
- $5.2B
- Power
- 210 MW
- Term
- 15 years
Approximately $5.2B of base-term contracted revenue; approximately $12.7B if all renewal options are exercised over a 30-year total term
The parties
- Applied Digitalcompany pageLandlord
- Undisclosed hyperscalerTenant
The source
Applied Digital 8-K Ex. 99.1, filed 2026-06-09Regulatory filing
Lease entered 5 June 2026 (10-Q); announced 8 June 2026 (Applied Digital release, 8-K Ex. 99.1 filed 2026-06-09). 15-year take-or-pay base term with three five-year renewal options. The tenant is a U.S.-based high investment-grade hyperscaler, not named; the release calls this Applied Digital's third long-term lease with the same hyperscaler, after Delta Forge 1 (April 2026) and Polaris Forge 3 (May 2026). One 210 MW building under construction at Delta Forge 2, Applied Digital's fifth campus, in a southern state; initial operations expected in the first quarter of calendar 2028. After this lease Applied Digital states 1,410 MW of contracted critical IT load across five campuses, about $36B over initial base terms (about $86B with renewals), with about 70% of contracted revenue backed by U.S. investment-grade hyperscalers.
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 300 MW at its Polaris Forge 3 campus to an unnamed hyperscaler for about 15 years, about $7.5B$7.5B · 20 May 2026
- Applied Digital leases 300 MW at its Delta Forge 1 campus in Louisiana to an unnamed hyperscaler for about 15 years, about $7.5B$7.5B · 23 Apr 2026
- CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7B$7B · 2 Jun 2025