Applied Digital (NASDAQ:APLD) shares jumped 9.6% in after‑hours trading on Monday following the announcement of a 15‑year take‑or‑pay lease for 210 MW of capacity at its Delta Forge 2 AI data‑center campus.
The lease is with a U.S. based high investment‑grade hyperscaler and represents approximately $5.2 billion in base‑term contracted revenue; if all renewal options are exercised over a 30‑year total term, revenue could reach $12.7 billion.
This agreement is Applied Digital’s third long‑term lease with the same hyperscaler and its fifth AI Factory campus overall.
The new contract brings the company’s total contracted portfolio to roughly $36 billion in base‑term lease revenue across five AI Factory campuses, or $86 billion if all renewal options are exercised.
Contracted capacity now spans 1.4 GW of critical IT load and about 2.15 GW of grid‑connected utility power.
Approximately 70% of the contracted revenue is now backed by U.S. investment‑grade hyperscalers.
Delta Forge 2, located in a southern U.S. state, will feature Applied Digital’s proprietary waterless cooling technology and high‑power density infrastructure designed for large‑scale AI training and inference workloads. Initial operations are expected in Q1 2028.
Quote from Wes Cummins, Chairman and Chief Executive Officer: “Two years ago, we made a deliberate decision to build a company that scales, not just builds data centers… Continued demand from leading hyperscalers across five campuses is strong validation of our model.”
