US data center firm Applied Digital has signed another large customer deal and is planning another new campus.

The company this week announced it has entered into a new long-term lease agreement at Delta Forge 2, a purpose-built AI Factory campus located in a “new southern state.”

Set to be Applied's fifth AI campus, initial operations are anticipated to commence in Q1 2028.

The lease is with an unnamed “US-based high investment-grade hyperscaler,” and marks the third agreement with this company.

The agreement covers 210MW of critical IT load under a 15-year take-or-pay structure with renewal options.

The deal totals approximately $5.2 billion in base-term contracted revenue, rising to approximately $12.7 billion if all renewal options are exercised over a 30-year total term.

Applied keeps on leasing

Applied Digital was founded in 2021 as Applied Blockchain, but is pivoting to developing AI and HPC data centers, and has signed multiple large-scale deals.

Applied’s contracted portfolio now spans five AI Factory campuses, totaling 1.4GW of critical IT load, and approximately 2.15GW of grid-connected utility power.

Applied’s Polaris Forge 1 and 2 hyperscale campuses are located in Ellendale and Harwood, North Dakota. The former is set to be leased to CoreWeave while much of the latter is set to be leased to an unnamed “investment-grade hyperscaler.”

Located on 600 acres in an unnamed northern state, Polaris Forge 3 will offer 300MW of critical IT load to the same US-based, high-investment-grade hyperscaler that previously signed on for capacity at Applied’s Delta Forge 1 campus. Initial operations at Polaris Forge 3 are anticipated to commence in August 2027.

Applied’s 430MW Delta Forge 1 site is set to be located outside Alexandria, Louisiana. The site is pre-leased to a US-based “high investment-grade hyperscaler.”

Initial operations at Delta Forge 1 are anticipated to commence in mid-2027.​​ The first phase will comprise two 150MW buildings on some 500 acres.

The Nasdaq-listed firm still operates two cryptomine sites in Jamestown and Ellendale, North Dakota, totaling some 286MW.

Applied had previously targeted a new campus in South Dakota, but has seemingly cooled its interest in the development.

Applied raises new funds

June also saw Applied Digital secure a $550 million revolving credit facility. It was arranged by Goldman Sachs and provides for up to $350 million of committed capacity with an additional accordion option of up to $200 million.

The company said proceeds from the facility will be used to support the pre- and post-lease development of its data center projects and for working capital and other general corporate purposes.

The facility is secured by certain non-data center project assets and is scheduled to mature in May 2029.

Applied also announced that it intends to offer $1.59 billion aggregate principal amount of senior secured notes due 2031 in a private offering. The proceeds will fund the construction of 150MW of IT load at the fourth building (ELN-04) at its Polaris Forge 1 campus.

This month also saw Applied announce it has entered into a memorandum of understanding with AI cloud firm CoreWeave to assign the lease with CoreWeave for Building 3 at the Polaris Forge 1 campus to a CoreWeave subsidiary, if that subsidiary achieves an investment-grade credit rating.