Applied Digital Corporation announced on June 8 that it has signed a long-term lease agreement at Delta Forge 2, a purpose-built AI Factory campus located in a new southern state. The agreement marks the company's fifth AI Factory campus and its third long-term lease with the same U.S.-based investment-grade hyperscaler.
The lease covers 210 megawatts of critical IT load under a 15-year take-or-pay structure with renewal options. The base-term contracted revenue is approximately $5.2 billion, rising to approximately $12.7 billion if all renewal options are exercised over a 30-year total term.
With this transaction, Applied Digital's contracted portfolio now spans five AI Factory campuses representing 1.4 gigawatts of critical IT load and approximately $36 billion in total contracted base-term lease revenue. Approximately 70 percent of the company's contracted revenue is backed by U.S.-based investment-grade hyperscalers.
Delta Forge 2 incorporates Applied Digital's proprietary waterless cooling technology and high-power density infrastructure, designed for the compute requirements of large-scale AI training and inference workloads. Initial operations at the campus are expected to begin in the first quarter of 2028.
CEO Wes Cummins described the company's approach as a franchise model, with a core team of design, construction, and operations professionals replicating the same build process across every campus. The company stated it prioritizes communities where large-scale infrastructure investment generates meaningful local employment and an expanded tax base.
Source: GlobeNewswire -- https://www.globenewswire.com/news-release/2026/06/08/3093000/0/en/Applied-Digital-Signs-210-MW-Lease-at-Delta-Forge-2-Expanding-Its-AI-Factory-Franchise-Model-to-a-Fifth-Campus.html