Applied Digital locks $7.5bn 15-year hyperscaler lease deal

Applied Digital has signed a $7.5bn, 15-year hyperscaler lease for 300MW at its Delta Forge 1 data centre in the US.

•Unnamed US hyperscaler to occupy 300MW at Delta Forge 1, part of broader 430MW AI data centre development

•Investment-grade tenants now anchor more than half of Applied Digital contracted revenue, reducing counterparty risk

The fact

Applied Digital has signed a 15-year, $7.5bn lease with a US hyperscaler for 300MW at its Delta Forge 1 campus in the southern United States. The unnamed tenant is the company's second investment-grade hyperscaler, lifting contracted revenue backed by investment-grade customers above 50%. Delta Forge 1 is part of a 430MW development targeting AI workloads, with operations starting mid-2027.

The assessment

The deal signals a structural shift in data centre infrastructure. Hyperscalers are pre-committing to capacity years before deployment, tying financing to physical power and space rather than speculative build-out. For Applied Digital, crossing the 50% investment-grade threshold reduces counterparty risk and strengthens its position to raise development capital.