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Delta Forge 2

🇺🇸 United States · Applied Digital

210 MW Critical IT
High investment-grade hy… Customer
Medium Evidence confidence · 2 of 4 gates confirmed

210 MW leased to a high investment-grade hyperscaler, approximately $5.2bn over a 15-year initial term. Under construction, with initial operations anticipated in Q1 2028.

Path to billing

Furthest evidenced: Customer contracted
  1. Announced Not disclosed
  2. Power Not disclosed
  3. Energised Not started
  4. Accepted Not started
  5. Billing Not disclosed

Each stage rolls up the project gates that evidence it. A stage marked Not disclosed has no gate on record — which is not the same as a stage the site has yet to reach.

Site view

Illustrative — not a photograph of this site

A generic campus illustration, shown to orient the layout of a site of this kind. It is not imagery of Delta Forge 2, carries no live telemetry, and no element of it is positioned from data. Every factual claim on this page is in the panels around it.

Latest evidence

Delta Forge 2: 210 MW leased to a high investment-grade hyperscaler, approximately $5.2bn over 15 years.

5 Aug 2026

Dependencies

From tracked gates only
Power / grid Not disclosed
Permits Not disclosed
Financing Not disclosed
Long-lead equipment Not disclosed
Customer Complete
Cooling Not disclosed
Networking Not disclosed

Site replay

Documented progression
Customer contracted 5 Aug 2026

Site status

  1. Announced
    Not disclosed
  2. Power secured
    Not disclosed
  3. Construction
  4. Energised
    Not started
    Expected delivery H1 2028.
  5. Customer contracted
    Complete · 5 Aug 2026 · ↗ ir.applieddigital.com
  6. Acceptance
    Not started
  7. Billing
    Not disclosed
Next

Acceptance

No date or window has been guided.

Customer contracts

High investment-grade hyperscaler (Delta Forge 2) 210 MW · $5.2bn · 15-year term

What changed here

1 record
  • APLD New contract Confirmed Delta Forge 2

    Delta Forge 2: 210 MW leased to a high investment-grade hyperscaler, approximately $5.2bn over 15 years.

    Under construction with expected delivery in H1 2028 — contracted revenue that does not begin for roughly eighteen months.

    5 Aug 2026 1200 → 1410 MW