Live updates: Bitcoin drops to $62,600 as some traders peg SpaceX's IPO as 'next catalyst'
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Applied Digital (APLD) shares rose 11% on a 15-year, 210 MW critical IT capacity lease at its Delta Forge 2 AI Factory campus with a U.S.-based investment-grade hyperscaler
- The deal is projected to generate approximately $5.2 billion in contracted revenue during the initial term, with up to $12.7 billion if renewal options are exercised
- The lease expands Applied Digital's AI Factory platform to five campuses and lifts its total contracted portfolio to approximately $36 billion
- Delta Forge 2 incorporates Applied Digital's proprietary waterless cooling technology and is slated to begin operations in early 2028
Why it matters: Applied Digital's $5.2 billion lease pushes its contracted portfolio to roughly $36 billion across five campuses, with up to $7.5 billion more in renewal options. A 15-year commitment from an investment-grade tenant gives APLD a long-duration revenue stream starting in early 2028, validating its AI infrastructure build-out.
