Applied Digital (NASDAQ: APLD) announced it has entered into a 15-year lease agreement for 210 MW of critical IT load at its Delta Forge 2 campus located in a southern state. The agreement is with a U.S.-based hyperscaler and represents the company's fifth AI factory campus.

The lease includes a take-or-pay structure with renewal options, generating approximately $5.2 billion in base-term contracted revenue. If all renewal options are exercised over a 30-year total term, the agreement would produce approximately $12.7 billion in revenue.

This marks Applied Digital's third long-term lease with the same hyperscaler client. The company's total contracted portfolio now spans five AI factory campuses with 1.4 GW of critical IT load and approximately 2.15 GW of grid-connected utility power. Total contracted base-term lease revenue across all campuses reaches approximately $36 billion, or $86 billion if all renewal options are exercised.

"Two years ago, we made a deliberate decision to build a company that scales, not just builds data centers," said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. "Continued demand from leading hyperscalers across five campuses is strong validation of our model."

Approximately 70% of the company's contracted revenue is backed by U.S.-based investment-grade hyperscalers. The Delta Forge 2 campus incorporates Applied Digital's waterless cooling technology and high-power density infrastructure designed for AI training and inference workloads.

Initial operations at Delta Forge 2 are expected to begin in the first quarter of 2028. The company stated the campus will bring local employment and construction activity to its host community.