Delta Forge 2 hyperscaler lease 210 MW
Company: Applied Digital - Project: Delta Forge 2
The claim, verbatim
210 MW of critical IT load contracted under approximately 15-year lease with high investment-grade hyperscaler at Delta Forge 2, representing approximately $5.2 billion of contracted revenue over base term. Expected delivery first half 2028.
Source (primary)
View 10-K (IR page (ir.applieddigital.com), ir_release)
View cached copy (2026-09-01)Live source ↗Archive.org ↗
Quote: “The full 210 MW of critical IT load is contracted under an approximately 15-year lease (with three five-year renewal options) with a high investment-grade hyperscaler, representing approximately $5.2 billion of contracted revenue over the base term, with expected delivery in the first half of calendar year 2028.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The 10-K states every element of the Delta Forge 2 lease claim, including capacity, tenant, revenue and delivery timing.
Confirmed in the source:
- 210 MW of critical IT load at Delta Forge 2 is contracted under an approximately 15-year lease
- The tenant is a high investment-grade hyperscaler
- The lease represents approximately $5.2 billion of contracted revenue over the base term
- Expected delivery is in the first half of 2028
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/sec-filings/all-sec-filings/content/0001144879-26-000048/0001144879-26-000048.pdf) in full (630,756 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms View 10-K
Quote: “The full 210 MW of critical IT load is contracted under an approximately 15-year lease (with three five-year renewal options) with a high investment-grade hyperscaler, representing approximately $5.2 billion of contracted revenue over the base term, with expected delivery in the first half of calendar year 2028.”