# Applied Digital Secures Multi-Billion AI Data Center Leases > Source: > Published: 2026-06-25 19:39:29+00:00 Applied Digital (NASDAQ: APLD) appears on Leopold Aschenbrenner's Situational Awareness list, ranking #3, according to Insider Monkey and a Yahoo Finance republish. Per Insider Monkey, Applied Digital signed a 15-year lease for **Polaris Forge 3** with a US hyperscaler worth **$7.5 billion** in base contracted revenue and announced **Delta Forge 2**, a 210 MW campus under a 15-year lease worth **$5.2 billion** in base revenue. Insider Monkey reports all five campuses now represent **$36 billion** in contracted base-term revenue, rising to **$86 billion** with renewal options, and that roughly **70%** of that revenue is backed by investment-grade hyperscalers. Insider Monkey also notes the stock trades at **7x** forward 2029 EV/sales versus **9.35x** and **9.53x** for Equinix and Digital Realty, respectively. Editorial analysis: Companies with long-term hyperscaler leases often gain predictable revenue profiles, which changes how practitioners model infra-capex exposure and counterparty risk.