Applied Digital files 8-K: Regulation FD disclosure
On April 23, 2026, Applied Digital Corporation (the “Company”) issued a press release announcing it has entered into a lease agreement at its state-of-the-art, purpose-built Delta Forge 1 Campus currently under construction. A copy of the Company’s press release relating to such is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.
Also on April 23, 2026, the Company posted an updated investor presentation to its website at https://ir.applieddigital.com/news-events/presentations. A copy of the Company’s updated investor presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.
Applied Digital Announces New U.S. Based High Investment-Grade Hyperscaler Tenant at Delta Forge 1, a 430 MW AI Factory Campus
New 15-Year Lease Expands Total Contracted Revenue to Over $23 Billion
DALLAS, April 23 , 2026 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced it has entered into a lease agreement with a new U.S. based high investment-grade h yperscaler at its 430 MW AI Factory campus, Delta Forge 1.
This lease represents approximately $7.5 billion in total contracted value over an estimated 15-year lease term and covers 300 megawatts (MW) of critical IT load, purpose-built to support the hype rscaler’s art ificial intelligence (AI) and high-performance compute (HPC) infrastructure.
With this agreement, the tenant becomes Applied Digital’s second U.S. based investment-grade hyperscaler across three AI Factory campuses. This addition expands total contracted lease revenue to over $23 billion and further diversifies the company’s customer base with a third hyperscale tenant. More than 50% of total contracted revenue is now backed by investment-grade customers.
"We remain focused on delivering operational AI capacity at scale ,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “With this agreement, we now have two U.S. based investment-grade hyperscalers across our portfolio, marking an important step in the continued diversification of our customer base and strengthening the overall quality and visibility of our contracted revenue. Our priority remains execution –– bringing capacity online on schedule and operating it with discipline over the long term.”
Delta Forge 1 is Applied Digital’s newest AI Factory campus , spanning more than 500 acres and designed from the ground up to support large-scale AI workloads. The campus integrates high-density power delivery, advanced cooling architecture, and disciplined operational design to enable consistent performance at scale.
Built on Applied Digital’s repeatable AI Factory model, Delta Forge 1 is engineered to support both training and inference workloads in high-density environments. Initial operations at Delta Forge 1 are anticipated to commence in mid-2027.
In other development-related activity, Applied Digital expects to enter into an up to $300 million senior secured bridge facility to fund continued development of the 150 MW Building 3 data center located on its Polaris Forge 1 campus, and an up to $300 million senior secured revolving credit facility to fund pre-lease and post-lease development activities across Applied Digital’s platform, as well as general working capital needs and transaction expenses. These credit facilities are expected to be on customary market terms for facilities of this type, to close promptly, and be provided by a syndicate of bank lenders.