Hyperscaler lease at Delta Forge 2
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
Signed one 15-year lease with three 5-year options with a U.S.-based high investment grade hyperscaler for 1 building at Delta Forge 2, utilizing 210 MW of IT load; base-term value ~$5.2B, delivery 1H 2028.
Source (primary)
Investor Presentation (IR page (ir.applieddigital.com), ir_presentation)
View cached copy (2026-10-08)Live source ↗Archive.org ↗
Quote: “U.S. Based High Investment Grade Hyperscaler – Signed one 15-year lease with three 5-year options for 1 building at Delta Forge 2, utilizing 210 MW of IT load”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The presentation states the Delta Forge 2 lease terms, 210 MW capacity, ~$5.2B base-term value and 1H 2028 delivery.
Confirmed in the source:
- Applied Digital signed one 15-year lease with three 5-year options with a U.S.-based high investment grade hyperscaler
- The lease covers 1 building at Delta Forge 2
- The lease utilizes 210 MW of IT load
- Base-term lease value for Delta Forge 2 is about $5.2B
- Delta Forge 2 expected delivery is 1H 2028
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/_assets/_24468ca358d41940c79de4638f404931/appliedblockchaininc/db/2905/27269/pdf/APLD_INV_June2026_Updated-compressed.pdf) in full (47,679 characters, retrieved October 8, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “U.S. Based High Investment Grade Hyperscaler – Signed one 15-year lease with three 5-year options for 1 building at Delta Forge 2, utilizing 210 MW of IT load”