Applied Digital Signs $5.2 Billion AI Data Center Lease for New Southern Campus
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Key Takeaways
- The 210 MW lease at Delta Forge 2 is a 15-year take-or-pay agreement with a U.S.-based investment-grade hyperscaler.
- Applied Digital's total portfolio now includes 1.4 GW of critical IT load and approximately $36 billion in base-term contracted revenue.
Applied Digital has signed a 15-year lease for 210 megawatts of critical IT load at a new AI data center campus in the southern (NYSE: SO) US, extending the company’s contracted backlog as hyperscalers continue to lock up large-scale power capacity for artificial intelligence workloads.
The Dallas-based company said Monday that the lease at Delta Forge 2 is with a US-based high investment-grade hyperscaler. The take-or-pay agreement is expected to generate about $5.2 billion in base-term contracted revenue, or $12.7 billion if all renewal options are exercised over a 30-year period.
Initial operations at the campus are expected to begin in the first quarter of 2028. Applied Digital said the site will use its proprietary waterless cooling technology and high-density power infrastructure designed for large-scale AI training and inference workloads.
The agreement marks Applied Digital’s fifth AI Factory campus and its third long-term lease with the same investment-grade hyperscaler. The company did not identify the customer or disclose the specific state for the new campus.
