Applied Digital Announces New U.S. Based High Investment-Grade Hyperscaler Tenant at Delta Forge 1, a 430 MW AI Factory Campus :: Applied Digital Corporation (APLD)

New Hyperscaler Tenant Signed: Applied Digital (NASDAQ: APLD) has entered into a lease agreement with a new high investment-grade U.S.-based hyperscaler tenant at its 430 MW AI Factory campus, Delta Forge 1.
Lease Agreement Value: The 15-year lease agreement is worth approximately $7.5 billion with a contracted value of over $23 billion, covering 300 megawatts of critical IT load.
Diversified Customer Base: This new tenant is Applied Digital’s third hyperscale tenant, expanding its customer base further and signifying more than 50% of total contracted revenue backed by investment-grade customers.
Operational Focus: The new agreement marks a significant step in the continued diversification of Applied Digital’s customer base, emphasizing operational AI capacity at scale and long-term operational discipline as communicated by Wes Cummins, Chairman and CEO.
New AI Factory Campus Details: Delta Forge 1 spans over 500 acres and is designed from the ground up to support large-scale AI workloads, incorporating high-density power delivery, advanced cooling, and disciplined operational design for consistent performance at scale. Initial operations are anticipated to start mid-2027.
Financing Updates: Applied Digital is seeking additional funding, including a $300 million senior secured bridge facility and a $300 million senior secured revolving credit facility for continued development and general working capital needs.