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Applied Digital Expands AI Factory Footprint with Delta Forge 2 Lease

Jun 8, 2026, 4:13 PM EDT3 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The deal materially enlarges contracted revenue backlog, diversifies the tenant base with a US-based investment-grade hyperscaler, and expands the AI Factory footprint to five campuses, implying stronger cash-flow visibility and potentially higher valuation multiples for APLD.

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Applied Digital announced a new long-term lease at Delta Forge 2, adding 210 MW of critical IT load on a 15-year take-or-pay basis. The deal expands the AI Factory portfolio to five campuses, lifting base-term contracted revenue to about $5.2B and total potential to $12.7B with renewals, with roughly 70% of revenue backed by US investment-grade hyperscalers. Initial operations are slated for Q1 2028, underscoring durable demand for large-scale AI infrastructure.

APLD signs Delta Forge 2 lease; 210 MW, 15-year term.
Base-term revenue about $5.2B; renewals could reach $12.7B.
Fifth AI Factory campus; 70% contracted revenue backed by US investment-grade hyperscalers.
Contracted load across campuses now 1.4 GW; 2.15 GW grid power.
Initial operations expected Q1 2028; Delta Forge 2 in a new southern state.

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