Investment-grade hyperscaler leases at Delta Forge 1
Company: Applied Digital - Project: Delta Forge 1
What the later record shows
Not a promise: a reported event · happened April 23, 2026
The claim reports leases already signed before the 2026-07-28 statement. Later materials confirm two 300 MW leases at Delta Forge 1 worth about $7.5B, though the 10-K body dates the subsidiary leases April 20 and April 22, 2026 rather than April 23.
“On April 23, 2026, we entered into two approximately 15-year leases with a second U.S.-based investment-grade hyperscaler for an aggregate 300 MW of critical IT load at the campus.”
2026-07-29 · View 10-K View cached copy (2026-09-01)Live source ↗Archive.org ↗
“On April 20, 2026 and April 22, 2026, APLD AEX-01 LLC and APLD AEX-02 LLC, respectively, each a subsidiary of the Company, entered into separate data center leases with a second U.S.-based investment-grade hyperscaler”
2026-07-29 · View 10-K View cached copy (2026-09-01)Live source ↗Archive.org ↗
“These new contracts for our Delta Forge 1 and Polaris Forge 3 campuses are each approximately $7.5 billion in contracted lease revenue over their 15-year initial base terms”
2026-09-25 · View PDF View cached copy (2026-09-26)Live source ↗Archive.org ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Two approximately 15-year leases with second U.S.-based investment-grade hyperscaler for aggregate 300 MW at Delta Forge 1, entered April 23, 2026, representing approximately $7.5 billion of contracted revenue over base term
Source (primary)
Applied Digital 10-K filed 2026-07-29 (SEC EDGAR, sec_filing)
View cached copy (2026-08-30)Live source ↗
Quote: “On April 23, 2026, we entered into two approximately 15-year leases with a second U.S.-based investment-grade hyperscaler for an aggregate 300 MW of critical IT load at the campus.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The business section and the contracted lease table support every element. The MD&A section separately dates the two leases April 20 and April 22, 2026.
Confirmed in the source:
- Applied Digital entered into two approximately 15-year leases with a second U.S.-based investment-grade hyperscaler
- The leases cover an aggregate 300 MW of critical IT load at Delta Forge 1
- The leases were entered on April 23, 2026, per the business section
- The Delta Forge 1 leases represent approximately $7.5 billion of contracted revenue over the 15-year base term
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm) in full (594,188 characters, retrieved August 30, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 10-K filed 2026-07-29
Quote: “On April 23, 2026, we entered into two approximately 15-year leases with a second U.S.-based investment-grade hyperscaler for an aggregate 300 MW of critical IT load at the campus.”