Applied Digital Corporation (NASDAQ:APLD) shares are in focus today, a day after the company announced its fifth AI Factory campus lease — continuing a deal-signing streak that has rapidly transformed the Dallas-based data center developer into one of the most active builders of AI infrastructure in the country.
The Deal After markets closed Monday, Applied Digital announced a new long-term lease at Delta Forge 2, a purpose-built AI Factory campus in an undisclosed southern state.
The agreement covers 210 MW of critical IT load under a 15-year take-or-pay structure with renewal options, representing approximately $5.2 billion in base-term contracted revenue — or $12.7 billion if all renewal options are exercised over a 30-year term.
The lease is with the same U.S.-based investment-grade hyperscaler that previously signed at Delta Forge 1, marking Applied Digital's third agreement with that unnamed customer.
Initial operations are anticipated to begin in Q1 2028.
