Applied Digital has signed a 15-year lease valued at $7.5 billion for its Delta Forge 1 AI campus, boosting its total contracted lease revenue to over $23 billion across three AI Factory campuses. This significant deal, which covers 300 MW of critical IT load, has led to an 8% increase in Applied Digital's share price. The company is pre-leasing substantial capacity to investment-grade tenants, indicating strong confidence in the long-term demand for AI compute infrastructure. The Delta Forge 1 campus is expected to begin operations by mid-2027, marking a major step in Applied Digital's strategic shift from Bitcoin mining infrastructure to AI and high-performance computing data centers. This transition is supported by a $5 billion preferred equity facility with Macquarie and additional financing arrangements, underscoring the company's robust financial backing and commitment to expanding its AI-focused facilities.