Applied Digital (NASDAQ: APLD) announced a lease agreement with a U.S.-based hyperscaler for 300 megawatts of critical IT load at its Delta Forge 1 campus. The agreement represents approximately $7.5 billion in total contracted value over an estimated 15-year term.

The lease covers infrastructure designed to support artificial intelligence and high-performance computing workloads at the 430 MW AI Factory campus. Delta Forge 1 spans more than 500 acres and is engineered to support both training and inference workloads in high-density environments.

This agreement brings Applied Digital's total contracted lease revenue to over $23 billion across three AI Factory campuses. The company now has two U.S.-based investment-grade hyperscalers in its portfolio, with more than 50% of total contracted revenue backed by investment-grade customers.

"We remain focused on delivering operational AI capacity at scale," said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. "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."

Initial operations at Delta Forge 1 are anticipated to commence in mid-2027. The campus integrates high-density power delivery, advanced cooling architecture, and operational design to enable performance at scale.

Applied Digital also expects to enter into two credit facilities totaling up to $600 million. One facility of up to $300 million will fund continued development of the 150 MW Building 3 data center at its Polaris Forge 1 campus. A second facility of up to $300 million will fund development activities across the company's platform and general working capital needs.

The Dallas-based company designs, builds, and operates data centers for artificial intelligence, cloud, networking, and blockchain workloads.