Monitor the execution of the $600 million credit facilities and track progress on Delta Forge 1 development, as successful execution could drive significant revenue growth and strengthen the company's position in the AI data center market.
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Executive Summary
Applied Digital announced a new 15-year lease with a high investment-grade hyperscaler at its Delta Forge 1 campus, securing $7.5 billion in contracted revenue and expanding total contracted revenue to over $23 billion. The company also plans to secure up to $600 million in credit facilities for data center development.
Key Facts
- New 15-year lease with high investment-grade hyperscaler at Delta Forge 1 campus
- $7.5 billion in contracted revenue from this lease
- Total contracted revenue now exceeds $23 billion
- Lease covers 300 MW of critical IT load
- Company plans to secure up to $600 million in credit facilities for development
- Initial operations at Delta Forge 1 anticipated in mid-2027
Financial Impact
$7.5 billion from new lease, $23+ billion total contracted revenue
Risk Factors
- Execution risk in developing and energizing the Delta Forge 1 campus
- Dependency on securing the planned $600 million in credit facilities
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001144879-26-000036 |
| Document: apld-20260423.htm | 0001144879-26-000036 |
| Document: apld_deltaforgexprxfinal.htm | 0001144879-26-000036 |
| Document: 0001144879-26-000036-index-headers.html | 0001144879-26-000036 |
| Document: 0001144879-26-000036-index.html | 0001144879-26-000036 |
| Document: 0001144879-26-000036.txt | 0001144879-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 27, 2026 9w ago | 8-K | $26.62 $28.85 | ▲ +8.38% | ▲ +5.00% | $25.10 (−5.69%) |
Jun 26, 2026 13w ago | 8-K | $37.77 $27.19 | ▼ −28.01% | ▼ −27.73% | $25.10 (−33.53%) |
Jun 16, 2026 15w ago | 8-K | $45.57 $26.44 | ▼ −41.98% | ▼ −43.30% | $25.10 (−44.91%) |
Jun 12, 2026 16w ago | Institutional Cluster | $42.70 $31.15 | ▼ −27.05% | ▼ −28.83% | $25.10 (−41.21%) |
Jun 11, 2026 16w ago | Institutional Cluster | $41.47 $32.29 | ▼ −22.14% | ▼ −24.03% | $25.10 (−39.46%) |
Jun 9, 2026 16w ago | 8-K | $41.91 $30.71 | ▼ −26.72% | ▼ −28.17% | $25.10 (−40.10%) |
May 5, 2026 21w ago | 8-K | $44.24 $44.71 | ▲ +1.06% | ▼ −1.72% | $25.10 (−43.25%) |
Apr 27, 2026 22w ago | Insider Cluster | $33.67 $45.14 | ▲ +34.07% | ▲ +29.11% | $25.10 (−25.44%) |
Apr 23, 2026 23w ago | 8-K | $36.35 $39.52 | ▲ +8.72% | ▲ +4.09% | $25.10 (−30.94%) |
Apr 23, 2026 23w ago | Press Release | $36.35 $39.52 | ▲ +8.72% | ▲ +4.09% | $25.10 (−30.94%) |
US Market Status
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