Applied Digital Secures Multi-Billion AI Data Center Leases

Applied Digital signed two 15-year leases with a US hyperscaler for the Polaris Forge 3 and Delta Forge 2 data center campuses, worth a combined $12.7 billion in base contracted revenue. The company now has $36 billion in total contracted base-term revenue across five campuses, with 70% backed by investment-grade hyperscalers. The stock trades at a discount to peers Equinix and Digital Realty.

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.