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AI Campuses Secure Long-Term Leases
Coverage from Reuters, Barchart, and others
Articles
14
Active Days
69
The Topic
Applied Digital and Hut 8 are securing long-term leases for large AI data center campuses, with commitments ranging from 210 MW to 704 MW and contract values extending into the billions of dollars. Applied Digital also reported bringing an additional 75 MW online at Polaris Forge 1, while debt financing and high-density cooling systems support the broader buildout. The agreements improve revenue visibility for developers but also increase capital requirements, construction execution demands, and exposure to a small number of large hyperscaler customers.
First Article: 05/21/26
Latest Article: 07/28/26
Summary
- Applied Digital signed 15-year leases covering 210 MW at Delta Forge 2 and 300 MW of planned capacity at Polaris Forge 3.
- Applied Digital reported 75 MW of additional operational AI capacity at Polaris Forge 1, bringing the campus to 175 MW live against 400 MW planned under contracts.
- Hut 8 leased a further 352 MW at Beacon Point, bringing its tenant’s combined campus commitments to 704 MW.
- Hut 8 also commercialized 245 MW at River Bend under a 15-year Fluidstack lease, with future expansion dependent on additional power.
- Applied Digital’s reported contracted lease revenue reached about $31 billion and then about $36 billion across different announcements covering four and five campuses, respectively.
- Applied Digital raised $1.59 billion through senior secured notes and added a $350 million revolving credit facility to support development.
- Long-duration take-or-pay structures provide revenue visibility, but delivery schedules, debt obligations, and reliance on investment-grade hyperscalers remain important constraints.
History
The story adds clearer financing and operational detail: Applied Digital not only expanded live capacity at Polaris Forge 1, but also paired the buildout with large debt financing and high-density cooling support. The framing also tightens around the scale of contracted revenue and the dependence on a small set of hyperscaler tenants.
The story expanded beyond Applied Digital’s lease-driven buildout to include Hut 8 as another major AI campus lessor, while Applied Digital also moved from contracting to execution and financing with live capacity additions and new debt. The emphasis is now more clearly on both revenue visibility and the operational/financial constraints needed to deliver it.
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Timeline: 69 Days
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