Applied Digital Shares Rise After $7.5B Lease Agreement With Hyperscaler

Dow Jones

May 21

By Christopher Kuo

Applied Digital shares advanced after the company entered a roughly $7.5 billion long-term lease agreement with a U.S.-based hyperscaler.

Shares of the data center company rose 6.8% in after-hours trading Wednesday to $42.20. Ahead of the close, shares were up 61% year to date.

The lease agreement is with the same high investment-grade hyperscaler that Applied Digital signed with for Delta Forge 1, Applied Digital's artificial-intelligence data center campus. The latest lease agreement is for Applied Digital's fourth AI factory campus, Polaris Forge 3, which will be located in a northern state, the company said. The agreement is designed to deliver 300 megawatts of critical IT load for large-scale AI training.

The agreement represents about $7.5 billion in contracted value over a 15-year take-or-pay term, the company said. Applied Digital now has leases that in total represent more than 1 gigawatt of contracted power capacity.

Write to Christopher Kuo at chris.kuo@wsj.com

(END) Dow Jones Newswires

May 20, 2026 18:21 ET (22:21 GMT)

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