210 MW take-or-pay lease at Delta Forge 2
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
Signed a 15-year take-or-pay lease with the same high investment-grade hyperscaler for 210 MW at Delta Forge 2 in a southern state, providing approximately $5.2 billion in base-term contracted revenue with initial operations expected in the first half of calendar year 2028
Source (primary)
applied-digital 8-K exhibit (apldq426earningsreleaseasf.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-02)Live source ↗
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 September 19, 2026. The cited source supports every part of this claim.
All elements appear verbatim in the Subsequent to the Quarter section.
Confirmed in the source:
- Signed a 15-year take-or-pay lease with the same high investment-grade hyperscaler for 210 MW at Delta Forge 2 in a southern state
- The lease provides approximately $5.2 billion in base-term contracted revenue
- Initial operations expected in the first half of calendar year 2028
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm) in full (54,633 characters, retrieved September 2, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (apldq426earningsreleaseasf.htm)
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.”