Applied Digital Secures $7.5 Billion Contract for 300MW AI I

Applied Digital has finalized a 15-year lease agreement with a high investment-grade hyperscaler to provide 300 megawatts (MW) of critical IT capacity. This Applied Digital AI data center lease, valued at approximately $7.5 billion, will be hosted at the company's Delta Forge 1 "AI Factory" campus in Ellendale, North Dakota. The deal was confirmed on April 23, 2026, marking a major milestone for the infrastructure provider.

The agreement represents the third hyperscale tenant for the firm, significantly increasing its total contracted lease revenue to more than $23 billion. The Delta Forge 1 site is currently under development to support high-density AI workloads, with a total site capacity of 430 MW. Under the terms of the Applied Digital AI data center lease, operations for the 300 MW portion are expected to commence in mid-2027.

This commitment underscores the growing demand for specialized facilities designed to handle the power and cooling requirements of large-scale artificial intelligence models. Securing this Applied Digital AI data center lease positions the company as a critical player in the physical infrastructure layer of the technology sector. By locking in long-term revenue from investment-grade partners, the company can better manage the high capital expenditures required for such massive developments.

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