15-Year AI Data Center Major Lease Secures $10 Billion Revenue for US Company

Applied Digital Corp. (APLD) announced that it has signed a 15-year lease with a U.S. investment-grade hyperscaler at its Delta Phase 1 AI Factory campus in the U.S. South, securing approximately $7.5 billion (roughly ₩10 trillion) in committed revenue. This brings the company’s total contracted lease revenue to over $23 billion (about ₩30 trillion). To fund the development of a 150 MW third data center at its Polaris Phase 1 campus in North Dakota—as well as broader platform pre-development costs and working capital—the company is arranging up to $300 million in bridge financing and a similar amount in revolving credit. Delta Phase 1 is scheduled to begin initial operations in mid-2027.

For the third quarter of fiscal 2026, ended February 28, Applied Digital reported revenue of $126.6 million, a 139% increase year-over-year. On a GAAP basis, the net loss attributable to common shareholders was roughly $100 million, while on a non-GAAP basis the company delivered adjusted net income and positive adjusted EBITDA. The first 100 MW direct-chip-cooled HPC data center at Polaris Phase 1 is now fully operational, and construction is underway on additional facilities at Polaris Phases 1 and 2, as well as Delta Phase 1. To finance Polaris Phase 2, the company privately placed $2.15 billion of 6.75% senior secured notes due 2031 and entered into a $100 million development finance agreement with a Macquarie affiliate, reflecting a significant capital-raising effort.

Applied Digital has also appointed co-founder Jason Jiang as President. Concurrently, it is merging its cloud services business with robotics firm Ekso Bionics and spinning off its GPU-optimized platform, Chronoscale. This transaction reclassifies the unit as a continuing operation for non-GAAP reporting and underscores the company’s strategic focus on pure data center and HPC hosting. On April 4, CEO Wes Cummins converted 100,000 restricted stock units into common shares, increasing his direct ownership; a portion of these shares was retired to cover withholding taxes.

The company recently signed another approximately $5 billion AI factory lease at the Polaris Phase 2 campus with a second U.S. investment-grade hyperscaler, bringing its long-term leased capacity to over 600 MW across two major customers and building a multibillion-dollar AI data center backlog. Polaris Phase 1 was also recognized as the top data center in the Americas at a global awards event.

Applied Digital designs, constructs, and operates high-density data centers for power-intensive workloads—such as AI, HPC, cloud, and blockchain. Leveraging its Polaris campus in North Dakota and Delta campus in the U.S. South, the company attracts AI hyperscalers and global cloud clients. As investment in dedicated data centers with ultra-high-power, immersion, and direct-chip-cooling capabilities accelerates in response to rapid growth in AI model training and inference, Applied Digital has repositioned itself as a pure data center hosting platform to capitalize on the U.S. AI infrastructure investment cycle.