Delta Forge 2 Lease (210 MW)
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 with the same high investment-grade hyperscaler with approximately $5.2 billion in base-term contracted revenue, with initial operations expected in the first half of calendar year 2028.
Source (primary)
View PDF (IR page (ir.applieddigital.com), ir_release)
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 reports a third 15-year take-or-pay lease with the same hyperscaler for 210 MW at Delta Forge 2, about $5.2 billion in base-term revenue, with operations expected in the first half of 2028.
Confirmed in the source:
- Applied Digital signed a 15-year take-or-pay lease at Delta Forge 2
- The Delta Forge 2 lease covers 210 MW
- The Delta Forge 2 tenant is the same high investment-grade hyperscaler as the Delta Forge 1 and Polaris Forge 3 leases
- 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/sec-filings/all-sec-filings/content/0001144879-26-000044/0001144879-26-000044.pdf) in full (57,639 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms View PDF
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.”