300 MW lease at Delta Forge 1 with $7.5B contracted revenue
Company: Applied Digital - Project: Delta Forge 1
The claim, verbatim
15-year take-or-pay lease for 300 MW at Delta Forge 1 with $7.5 billion in base-term contracted revenue, operations expected to commence calendar year 2027
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “Signed a 15-year take-or-pay lease with a new U.S. based, high investment-grade hyperscaler for 300 megawatts ("MW") of critical IT load at Delta Forge 1, a new AI Factory campus in Boyce, Louisiana. The lease provides for approximately $7.5 billion in base-term contracted revenue, with initial operations expected to commence calendar year 2027.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The press release states each element of the Delta Forge 1 lease: term, capacity, contracted revenue and expected start year.
Confirmed in the source:
- The lease is a 15-year take-or-pay lease
- The lease covers 300 MW of critical IT load at Delta Forge 1
- The lease provides approximately $7.5 billion in base-term contracted revenue
- Initial operations are expected to commence in calendar year 2027
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year/) in full (55,619 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “Signed a 15-year take-or-pay lease with a new U.S. based, high investment-grade hyperscaler for 300 megawatts ("MW") of critical IT load at Delta Forge 1, a new AI Factory campus in Boyce, Louisiana. The lease provides for approximately $7.5 billion in base-term contracted revenue, with initial operations expected to commence calendar year 2027.”