Applied Digital signs $7.5B hyperscaler lease at Delta Forge 1, total contracted revenue >$23B

Applied Digital Corp.

New 15-year lease with US investment-grade hyperscaler for 300 MW IT load at Delta Forge 1 campus.
Total contracted lease revenue expands to over $23 billion; >50% backed by investment-grade customers.
Delta Forge 1 is a 430 MW AI factory campus; initial operations expected mid-2027.
Company expects up to $300M bridge facility for Polaris Forge 1 Building 3 and up to $300M revolver for development.
Third hyperscale tenant diversifies customer base; second US investment-grade hyperscaler.

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