Applied Digital Signs $7.5B 15-Year AI Data Center Lease with Major U.S. Hyperscaler

Gate News message, April 24 — Applied Digital signed a 15-year lease agreement worth $7.5 billion with a major U.S.-based hyperscaler for 300 megawatts of capacity at its Delta Forge 1 site in the southern United States, the company announced on April 23.

The deal marks Applied Digital's second U.S. investment-grade hyperscale tenant and lifts total contracted lease revenue to more than $23 billion. The company also expects up to $600 million in financing, including a $300 million senior secured bridge facility for its Polaris Forge 1 campus and up to $300 million in a revolving credit facility for development and working capital.

Applied Digital's shares rose more than 12% in early trading. Prior to this agreement, the company's $16 billion in contracted revenue came from only two customers, with one cloud provider accounting for 69% of that total. The new lease broadens its customer base as hyperscalers continue locking in long-term data center capacity amid surging AI demand.