Applied Digital Signs 210 MW Lease at Delta Forge 2, Expanding Its AI Factory Franchise Model to a Fifth Campus

Applied Digital announced a long-term lease agreement for 210 MW of IT load at Delta Forge 2, a purpose-built AI Factory campus in an unnamed southern U.S. state. The deal, signed with a U.S.-based high investment-grade hyperscaler, spans 15 years with renewal options, generating approximately $5.2 billion in base-term revenue or $12.7 billion if all renewals are exercised over 30 years. This marks Applied Digital’s third long-term lease with the same hyperscaler and its fifth AI Factory campus overall. The total contracted portfolio now spans 1.4 GW of IT load, 2.15 GW of grid-connected power, and $36 billion in base-term revenue—rising to $86 billion with renewals. About 70% of the revenue comes from U.S.-based investment-grade hyperscalers, validating the company’s franchise model, which replicates design, construction, and operations teams across campuses. Delta Forge 2 will integrate Applied Digital’s waterless cooling technology and high-power density infrastructure, tailored for AI training and inference workloads. Construction is expected to create local employment and economic impact, with operations starting in Q1 2028. The company emphasizes community-focused site selection, prioritizing regions where long-term investment drives sustained economic benefits. Chairman and CEO Wes Cummins stated the decision to scale the franchise model—rather than just build data centers—has been validated by strong demand from hyperscalers. The company’s documentary series, *Behind the Build*, highlights its collaborative approach with host communities. Applied Digital’s strategy balances high-tech infrastructure with local economic development, reinforcing its role as a key player in AI data center expansion.