SynopsisMajor technology ‌companies are ⁠raising ⁠their spending on data centers to support powerful artificial intelligence models, ​boosting demand for electricity, computing capacity and specialized facilities.Applied Digital has signed a 15-year lease with a US-based hyperscaler at its Delta Forge 2 site which is expected to generate about $5.2 billion in revenue over the period, sending the company's shares up 8.7% in extended trading.Major technology ‌companies are ⁠raising ⁠their spending on data centers to support powerful artificial intelligence models, boosting demand for electricity, computing capacity and specialized facilities.About 70% of ​Applied Digital's contracted revenue is now backed by U.S.-based investment-grade hyperscalers, the company said on Monday.The new ​agreement covers 210 megawatts of computing ⁠capacity at ‌Delta Forge 2, Applied Digital's new ​AI Factory ​campus, under a take-or-pay lease structure.The company ⁠did not give more details on its new ​customer, but said the deal marked ​its third long-term lease with the same investment-grade hyperscaler.If all renewal options are exercised, the contract could generate about $12.7 billion in revenue over a 30-year period.Applied Digital's contracted portfolio now spans five campuses, representing 1.4 ‌gigawatts of critical IT load and about 2.15 gigawatts of grid-connected utility power.The company ​said its ​contracted base-term lease ⁠revenue has increased to about $36 billion and would rise to roughly $86 billion if all renewal options are exercised.Delta Forge ​2 will use Applied Digital's waterless cooling technology and high-power density infrastructure designed for AI workloads. Initial operations at the campus are expected to begin in the first quarter of 2028. ...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now