Applied Digital just locked in a single lease worth more than many companies are worth, period. The 15-year deal covers 300 MW of critical IT load at its Delta Forge 1 AI campus, carrying an approximate value of $7.5B.
Shares of APLD jumped 8% on the announcement. And honestly, the market’s enthusiasm makes sense when you zoom out on the numbers.
The deal in context
This isn’t Applied Digital’s first massive lease. It’s the latest in a series that now pushes the company’s total contracted lease revenue north of $23B across three AI Factory campuses. More than half of that figure is backed by investment-grade tenants, which is corporate-speak for “the customers signing these checks are unlikely to go bankrupt before the ink dries.”
In English: Applied Digital isn’t just building data centers on spec and hoping someone shows up. It’s pre-leasing enormous capacity to creditworthy counterparties willing to commit for 15-year stretches. That kind of duration signals deep confidence from tenants that their AI compute needs aren’t a passing fad.
