Take-or-pay data center leases
Company: Applied Digital
The claim, verbatim
Applied Digital has signed take-or-pay leases covering approximately 1,410 MW of capacity across five data center campuses, representing approximately $36 billion of revenue over 15-year base terms.
Source (primary)
Applied Digital Won't Collect Most of Its Rent Until 2029. I'd Wait to Buy the Stock. - The Globe and Mail (-, news_article)
View cached copy (2026-09-13)Live source ↗
Quote: “Applied Digital has signed take-or-pay leases covering about 1,410 megawatts of capacity at five data center campuses. Those leases represent about $36 billion of revenue over 15-year base terms, with rent beginning only as buildings are delivered.”
How we checked this
Checked on September 22, 2026. The cited source supports every part of this claim.
The document states all elements: the take-or-pay structure, ~1,410 MW, five campuses, and ~$36 billion over 15-year base terms.
Confirmed in the source:
- Applied Digital has signed take-or-pay leases covering about 1,410 MW of capacity
- The leases span five data center campuses
- The leases represent about $36 billion of revenue over 15-year base terms
What we did: Read our cached copy of the publisher (https://www.theglobeandmail.com/investing/markets/markets-news/Motley%20Fool/4478039/applied-digital-won-t-collect-most-of-its-rent-until-2029-i-d-wait-to-buy-the-stock/) in full (9,411 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital Won't Collect Most of Its Rent Until 2029. I'd Wait to Buy the Stock. - The Globe and Mail
Quote: “Applied Digital has signed take-or-pay leases covering about 1,410 megawatts of capacity at five data center campuses. Those leases represent about $36 billion of revenue over 15-year base terms, with rent beginning only as buildings are delivered.”