APPLIED DIGITAL CORP (APLD) experienced a significant after-hours soar of 8.65% during the post-market session on Wednesday, following a positive trading day.

The sharp rise comes after the company announced it has entered into a landmark 15-year take-or-pay lease agreement with a U.S.-based high investment-grade hyperscaler for its fourth AI Factory campus, Polaris Forge 3. The agreement is valued at approximately $7.5 billion in base-term contracted revenue, with the potential to reach about $18.2 billion if all renewal options are exercised. This transaction brings Applied Digital's total contracted lease revenue across its four campuses to $31 billion, potentially rising to $73 billion with renewals, while expanding its total contracted capacity to 1,200 MW of critical IT load.