Applied Digital signs 15-year hyperscaler lease for Delta Forge

Applied Digital has signed a 15-year lease with a US-based hyperscaler for its Delta Forge 2 AI Factory campus. The take-or-pay agreement covers 210 MW and is expected to generate about $5.2bn in base-term revenue. The event signals that hyperscalers are locking in future AI data centre capacity years before delivery, especially where developers can combine power access, high-density design and campus-scale execution.

• The 210 MW campus could generate $12.7bn over 30 years

• The deal shows hyperscalers are locking in AI capacity years ahead

The fact

Applied Digital has signed a 15-year lease with a US-based hyperscaler for its Delta Forge 2 AI Factory campus. The take-or-pay agreement covers 210 MW of computing capacity and is expected to generate about $5.2bn in base-term revenue, or $12.7bn over 30 years if renewals are exercised. Applied Digital said the customer is the same investment-grade hyperscaler behind two earlier leases, while its contracted portfolio now spans five campuses.

The Assessment

Applied Digital is converting hyperscaler AI demand into long-duration contracted revenue, with about 70% of its contracted revenue now backed by US investment-grade hyperscalers. AI infrastructure competition is shifting toward developers that can package grid access, high-density design, waterless cooling and financeable customer commitments at campus scale, rather than simply offering generic colocation capacity.

What to Watch

Watch whether 2028–2030 AI campus capacity becomes the next scarce asset hyperscalers try to lock in early.