Long Leases Underwrite AI CampusesLong Leases Underwrite AI CampusesCoverage from OPB, Yahoo Finance, and others
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Applied Digital and Hut 8 are securing 15-year or longer leases with investment-grade hyperscalers for large AI campuses in Louisiana, North Dakota, Texas, and other U.
S. locations. The agreements commit hundreds of megawatts of IT capacity and generate multibillion-dollar contracted revenue, giving developers stronger backing for construction and utility arrangements. Delivery remains dependent on energization, financing, construction schedules, and local approvals, while communities are scrutinizing electricity demand, water use, tax exemptions, and negotiations conducted under nondisclosure agreements.
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09/09/2026
The current version adds more precise commercial and construction figures, especially Hut 8’s $9.8 billion second lease and Delta Forge 1’s projected $3 billion-plus cost, while otherwise confirming the existing buildout narrative.
08/29/2026
The story has shifted from securing long-term demand to executing power-backed campus deliveries, with 2027-2028 milestones and utility access becoming central. It also broadens into Louisiana and public scrutiny over infrastructure impacts, incentives, and disclosure.
Applied Digital began construction in 2025 on the Delta Forge 1 data-center campus in Boyce, Louisiana, while residents challenged confidential negotiations and project impacts.
Applied Digital announced a 15-year take-or-pay lease for 210 MW at Delta Forge 2 in early June 2026 alongside US$1.59 billion notes and a US$350 million revolving credit facility.
Applied Digital began construction of the Delta Forge 1 data center campus in Boyce, Louisiana, after confidential negotiations prompted residents to challenge officials over power, water, environmental effects, and incentives.
8/27/2026 • Community & Local Opposition • General
Hut 8 announced Beacon Point Phase II commercialization in Nueces County, Texas, with a second 15-year lease covering 352MW of IT capacity and 1GW utility capacity via AEP Texas.
Applied Digital reached Ready for Service for Phase 1 of Building 2 at Polaris Forge 1 on July 1, 2026, delivering 75 MW and bringing live capacity to 175 MW in Ellendale, North Dakota.
Governor Jeff Landry announced Delta Forge 1 groundbreaking at England Airpark in Boyce, Louisiana, for a two-building AI data center campus using Cleco power planning and closed-loop water cooling.
5/26/2026 • Infrastructure & Site Development • General
Applied Digital plans Delta Forge 1 near Boyce, Louisiana, targeting a summer 2027 opening with 300 MW initial IT load and closed-loop waterless cooling.
Hut 8 commercialized Beacon Point Phase 2 in Nueces County, Texas, in 2026 by leasing 352 MW of IT capacity under a second 15-year agreement tied to AEP Texas utility delivery.
Applied Digital signed a 15-year take-or-pay 300MW lease at Polaris Forge 3 to expand contracted load and revenue and support further North Dakota campus construction.
Applied Digital announced a 15-year Polaris Forge 3 AI data center campus lease on May 20, adding about $7.5 billion contracted revenue and lifting backlog to about $31 billion.
Nvidia reportedly signed a multi-year lease with Hut 8 for the Beacon Point Texas campus, with total value up to $50.2 billion for large-scale AI infrastructure.
Applied Digital secured a long term lease for the Polaris Forge 3 AI campus valued up to 18.2 billion over 15 years, expanding contracted lease pipeline to about 31 billion.
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