Delta Forge 2 hyperscaler lease - 210 MW, $5.2B contracted
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
Signed 15-year take-or-pay lease with same high investment-grade hyperscaler for 210 MW at Delta Forge 2 providing approximately $5.2 billion in base-term contracted revenue, with initial operations expected first half calendar year 2028.
Source (primary)
EX-99.1 (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-01)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 October 10, 2026. The cited source supports every part of this claim.
The release's Subsequent to the Quarter section states every element of this claim.
Confirmed in the source:
- Applied Digital signed a 15-year take-or-pay lease with the same high investment-grade hyperscaler
- 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/sec-filings/all-sec-filings/content/0001144879-26-000044/apldq426earningsreleaseasf.htm) in full (54,584 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms EX-99.1
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.”