210 MW lease at Delta Forge 2 with $5.2B contracted revenue
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
15-year take-or-pay lease for 210 MW at Delta Forge 2 with $5.2 billion in base-term contracted revenue, operations expected first half 2028
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “Signed a third 15-year take-or-pay lease with the same high investment-grade hyperscaler for 210 MW at Delta Forge 2 (fifth AI Factory campus, third consecutive with this customer) in a new southern state. The lease provides for approximately $5.2 billion in base-term contracted revenue, with initial operations expected in the first half of calendar 2028.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The release states each element of the Delta Forge 2 lease: term, capacity, contracted revenue and expected timing.
Confirmed in the source:
- The lease is a 15-year take-or-pay lease
- The lease covers 210 MW at Delta Forge 2
- The lease provides approximately $5.2 billion in base-term contracted revenue
- Initial operations are expected in the first half of calendar 2028
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 third 15-year take-or-pay lease with the same high investment-grade hyperscaler for 210 MW at Delta Forge 2 (fifth AI Factory campus, third consecutive with this customer) in a new southern state. The lease provides for approximately $5.2 billion in base-term contracted revenue, with initial operations expected in the first half of calendar 2028.”