Delta Forge 2 – 210 MW hyperscaler lease
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
Signed a 15-year take-or-pay lease 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 2028.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)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 10, 2026. The cited source supports every part of this claim.
The press release reports this lease, signed after the quarter ended, with the stated term, capacity, location, contract value and timing.
Confirmed in the source:
- Applied Digital signed a 15-year take-or-pay lease for Delta Forge 2
- The Delta Forge 2 lease covers 210 MW
- Delta Forge 2 is located in a southern state
- The Delta Forge 2 lease provides approximately $5.2 billion in base-term contracted revenue
- Initial operations at Delta Forge 2 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 (55,581 characters, retrieved September 1, 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.”
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”
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”
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”