Applied Digital (NASDAQ: APLD) announced a 15-year lease agreement with a U.S.-based hyperscaler for its fourth AI data center campus, Polaris Forge 3. The deal is valued at approximately $7.5 billion in base-term contracted revenue, with potential value reaching $18.2 billion if all renewal options are exercised.

The new campus will deliver 300 MW of critical IT load and is located in a northern state, supported by approximately 430 MW of grid-connected utility power. This marks the second lease agreement between Applied Digital and the same hyperscaler, following their previous deal at Delta Forge 1 in April 2026.

The agreement brings Applied Digital's total contracted lease revenue to $31 billion across four AI data center campuses, or $73 billion if all renewal options are exercised. The company now has 1,200 MW of contracted critical IT load capacity and approximately 1,670 MW of utility power across its portfolio.

"This second 300 MW lease with the same U.S. based high investment-grade hyperscaler we partnered with at Delta Forge 1 reflects the confidence we've built through disciplined execution," said Wes Cummins, chairman and chief executive officer of Applied Digital.

Polaris Forge 3 spans more than 600 acres and incorporates Applied Digital's waterless cooling technology and high-density power delivery systems designed for AI workloads. Initial operations are expected to begin in August 2027.

The Dallas-based company designs and operates data centers for artificial intelligence, cloud, networking, and blockchain applications. Approximately 65% of its contracted revenue is backed by U.S.-based investment-grade hyperscalers, according to the company's statement.