Applied Digital Corp (NASDAQ: APLD) has announced a significant lease agreement for its Delta Forge 2 AI campus, leading to an 8.45% increase in share price during after-hours trading. The company has entered into a long-term lease with an undisclosed U.S.-based hyperscaler, covering 210 MW of IT load under a 15-year take-or-pay structure. This agreement is projected to generate $5.2 billion in base revenue and could potentially reach $12.7 billion over 30 years if all options are exercised. The Delta Forge 2 campus, which is located in a new southern state, is designed specifically for large-scale AI training and inference workloads, featuring innovative waterless cooling technology. This marks Applied Digital's fifth AI campus and follows a recent lease agreement for its fourth location, Polaris Forge 3. Wes Cummins, the company's chairman and CEO, emphasized the strong demand from hyperscalers as validation of their scalable business model. The new campus is anticipated to be operational by the first quarter of 2028.