Applied Digital Announces New U.S. Based High Investment-Grade Hyperscaler Tenant at Delta Forge 1, a 430 MW AI Factory Campus
DALLAS, April 23, 2026 – Applied Digital Corporation (NASDAQ: APLD), a leader in the design, construction, and operation of high-performance, sustainably engineered data centers and colocation services, has announced a significant new lease agreement with a high investment-grade hyperscaler tenant at its Delta Forge 1 campus. This facility is a pivotal part of the company’s strategy to support the growing demands of artificial intelligence (AI) and high-performance computing (HPC).
Overview of the Lease Agreement
The newly signed lease agreement marks a substantial milestone for Applied Digital, representing approximately $7.5 billion in total contracted value over an estimated 15-year term. This lease covers 300 megawatts (MW) of critical IT load specifically designed to support the tenant’s AI and HPC infrastructure.
With this addition, Applied Digital now boasts two U.S.-based investment-grade hyperscalers across three AI Factory campuses, expanding the company’s total contracted lease revenue to over $23 billion. Notably, more than 50% of this revenue is now backed by investment-grade customers, enhancing the company’s financial stability and growth potential.
Comments from Leadership
Wes Cummins, the Chairman and Chief Executive Officer of Applied Digital, expressed enthusiasm about the new lease, stating, “We remain focused on delivering operational AI capacity at scale. With this agreement, we now have two U.S.-based investment-grade hyperscalers across our portfolio, marking an important step in the continued diversification of our customer base and strengthening the overall quality and visibility of our contracted revenue. Our priority remains execution –– bringing capacity online on schedule and operating it with discipline over the long term.”
About Delta Forge 1
Delta Forge 1 is Applied Digital’s newest AI Factory campus, spanning over 500 acres. It has been meticulously designed from the ground up to accommodate large-scale AI workloads. The campus features:
- High-Density Power Delivery: Ensures efficient energy use and performance.
- Advanced Cooling Architecture: Maintains optimal operating temperatures for high-performance systems.
- Disciplined Operational Design: Facilitates consistent performance at scale.
Built on Applied Digital’s repeatable AI Factory model, Delta Forge 1 is engineered to support both training and inference workloads in high-density environments. Initial operations are anticipated to commence in mid-2027.
Future Development Plans
In addition to the new lease, Applied Digital is actively pursuing further development initiatives. The company plans to enter into a senior secured bridge facility of up to $300 million to fund the development of the 150 MW Building 3 data center located on its Polaris Forge 1 campus. Furthermore, an additional senior secured revolving credit facility of up to $300 million is expected to support pre-lease and post-lease development activities across Applied Digital’s platform, along with general working capital needs and transaction expenses.
These credit facilities are anticipated to be on customary market terms and will be provided by a syndicate of bank lenders, with closing expected to occur promptly.
About Applied Digital
Founded in 2021 and headquartered in Dallas, Texas, Applied Digital has quickly established itself as a leader in the data center industry. The company has been recognized as the Best Data Center in the Americas for 2025 by Datacloud. Applied Digital specializes in designing, building, and operating high-performance, sustainably engineered data centers and colocation services for AI, cloud, networking, and blockchain workloads. Key features of the company include:
- Hyperscale Expertise: Extensive knowledge and experience in large-scale data center operations.
- Proprietary Waterless Cooling: Innovative cooling solutions that enhance efficiency and sustainability.
- Rapid Deployment Capabilities: Quick turnaround times for data center construction and operational readiness.
Applied Digital is committed to creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model. For more information, visit applieddigital.com or follow the company on social media platforms like X and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements reflect the company’s current expectations regarding future operating and financial performance, product development, market position, business strategy, and future financing plans. Words such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “expect,” “project,” and “predict” indicate forward-looking statements.
Investors should be cautious and not rely solely on these statements, as they are subject to various risks and uncertainties that may cause actual results to differ materially from the company’s expectations. These risks include the ability to complete construction as planned, customer acquisition lead times, changes in AI and HPC infrastructure needs, and the ability to secure necessary financing.
Note: This article is based on information available as of April 23, 2026, and is intended for informational purposes only.
