Compute / the Ledger · 5 deals
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Deals with Applied Digital as a party. Applied Digital’s page · Show every party
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 7 Oct 2026 | Applied Digital signs a 15-year power purchase agreement with Base Electron for a planned 1,200 MW gas plant in Center, North DakotaSignedEntered 4 October 2026, with a related credit support agreement. Capacity and energy from an approximately 1,200 MW natural gas-fired generation facility to be developed by Base Electron in Center, North Dakota, intended as dedicated generation for Applied Digital's Polaris Forge 3 campus. 15-year delivery term; fixed monthly payments based on target contract capacity. Base Electron may terminate if financial close for the facility has not occurred by 31 March 2027. Related party: Applied Digital owns about 10% of Base Electron, which is owned and managed in part by Applied Digital officers and directors acting individually; Messrs. Cummins and Zhang are Base Electron's CEO and President. Approved by the board after review by its Base Electron Related Party Transaction Committee. Applied Digital also holds a Base Electron demand promissory note of up to $100.0M ($58.5M principal outstanding at 31 Aug 2026). No contract value stated. |
| Power deal | undisclosed | 15 years1,200 MW | Applied Digital 10-Q, subsequent events, filed 2026-10-07Regulatory filing |
| 8 Jun 2026 | Applied Digital leases all 210 MW of its Delta Forge 2 campus to an unnamed hyperscaler for about 15 years, about $5.2BSignedLease 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. |
| Site lease | $5.2BApproximately $5.2B of base-term contracted revenue; approximately $12.7B if all renewal options are exercised over a 30-year total term | 15 years210 MW | Applied Digital 8-K Ex. 99.1, filed 2026-06-09Regulatory filing |
| 20 May 2026 | Applied Digital leases 300 MW at its Polaris Forge 3 campus to an unnamed hyperscaler for about 15 years, about $7.5BSignedAnnounced 20 May 2026 after the close, by press release on Applied Digital's investor site. 15-year take-or-pay leases covering 300 MW of critical IT load at Polaris Forge 3, Applied Digital's fourth campus, in a northern state, supported by about 430 MW of grid-connected utility power. The tenant is the same U.S.-based high investment-grade hyperscaler that signed Delta Forge 1 in April 2026; not named. Initial operations anticipated to commence in August 2027. With this lease Applied Digital stated about $31B of contracted base-term lease revenue across four campuses (about $73B with renewals). |
| Site lease | $7.5BApproximately $7.5B of base-term contracted revenue; up to approximately $18.2B if all renewal options are exercised | 15 years300 MW | Applied Digital press release, 2026-05-20Company press release |
| 23 Apr 2026 | Applied Digital leases 300 MW at its Delta Forge 1 campus in Louisiana to an unnamed hyperscaler for about 15 years, about $7.5BSignedTwo 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. |
| Site lease | $7.5BApproximately $7.5B of contracted revenue over the base term, as stated by Applied Digital | 15 years300 MW | Applied Digital 8-K Ex. 99.1, filed 2026-04-23Regulatory filing |
| 2 Jun 2025 | CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7BSignedPolaris Forge 1. On 2025-08-28 CoreWeave added a 150 MW Building 4 lease (~$4.0B), taking its Ellendale total to 400 MW and Applied Digital's contracted lease revenue to ~$11B (8-K 2025-08-29). |
| Site lease | $7B~$3B (Building 2, 100 MW) plus ~$4B (Building 3, 150 MW) over the initial ~15-year terms; three five-year extension options. | 15 years · to 28 May 2040250 MW | Applied Digital 8-K, 2025-06-02Regulatory filing |
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