Applied Digital has entered into a long-term lease agreement for a 210MW data centre at Delta Forge 2 in the US, increasing its portfolio of AI Factory campuses to five.
The agreement is with a US-based high investment-grade hyperscaler for a facility located in a new southern state.
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The parties have signed a 15-year take-or-pay lease, under which Applied Digital expects to earn roughly $5.2bn in revenue during the base term.
If all renewal options are exercised over a total of 30 years, the deal could reach approximately $12.7bn in contracted revenue.
This marks the company’s third long-term lease with the same hyperscaler. Including this new agreement, Applied Digital’s contracted portfolio now covers 1.4GW of critical IT load across five campuses, supported by approximately 2.15GW of gross grid-connected utility power.
The company reports that its contracted base-term lease revenue totals around $36bn, while the figure rises to about $86bn if all renewal options on existing deals are exercised.
According to Applied Digital, about 70% of this contracted revenue is backed by US-based investment-grade hyperscalers.
Applied Digital chairman and CEO Wes Cummins said: “Two years ago, we made a deliberate decision to build a company that scales, not just builds data centers.
“We call it our franchise model—a core team of design, construction, and operations professionals replicated across every campus, in every market. Continued demand from leading hyperscalers across five campuses is strong validation of our model.
“We are deliberate about where we build. We look for communities where this kind of investment genuinely matters — where the jobs, the tax base, and the long-term economic activity have real impact.”
Delta Forge 2 will use Applied Digital’s proprietary waterless cooling and high-power density infrastructure, designed for large-scale AI training and inference workloads.
Initial operations at the site are planned to begin in the first quarter of 2028.
The company’s site selection approach focuses on communities expected to benefit from infrastructure investment, job creation, and expanded economic activity.
