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Applied Digital Delta Forge 1

PRJ-DELTA-FORGE-1 · Site · Boyce, Louisiana, United States

Record last updated Oct 28, 2026

Scope and capacity

Delta Forge 1 is Applied Digital’s two-building AI campus under construction near Boyce in Rapides Parish, Louisiana. Its 300 MW of contracted critical IT load is separate from approximately 430 MW of expected utility load. Applied Digital’s approximately $7.5 billion base-term contracted revenue from an unnamed high-investment-grade hyperscaler is not financing raised, and Louisiana’s $3.6 billion project estimate is not actual expenditure. October 2026 filings forecast initial readiness in H1 2027 and full capacity in early 2028. Cleco’s service path remains subject to U-38035 regulatory review; the October order is procedural, not approval. Closed-loop cooling is planned, while construction-well water use is separately reported. Footprint descriptions differ, and final permits, land title, carrier service and project-specific financing remain unresolved.

Headline: 300 MW Contracted critical IT

Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.

Claims and exhibit sources

Jump to a claim (31)

Initial utility power · 430 MW

Planned gross utility service; not operating IT · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-039 · Recorded claim type: Planned gross utility service; not operating IT · Review: Approved · Claim date: Jan 22, 2026

Headline treatment: Separate claim, not added to the headline

  1. Applied Digital breaks ground on Delta Forge 1

    Applied Digital · Document date: Jan 22, 2026 · Supports

    Source reference: DF1-01 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/144/applied-digital-breaks-ground-on-delta-forge-1-a-430-mw-ai

  2. LPSC Order U-38035, issued October 15, 2026

    Louisiana Public Service Commission · Document date: Oct 15, 2026 · Supports

    Source reference: DF1-R05 · Official primary

    Source URL

    https://lpscpubvalence.lpsc.louisiana.gov/portal/PSC/ViewFile?fileId=/BCQNjQtyTw%3D

Critical IT load · 300 MW

Contracted critical IT; under construction, not operating · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-040 · Recorded claim type: Contracted critical IT; under construction, not operating · Review: Approved · Claim date: Apr 23, 2026

Headline treatment: Selected headline

  1. New investment-grade hyperscaler tenant at Delta Forge 1

    Applied Digital · Document date: Apr 23, 2026 · Supports

    Source reference: DF1-02 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/149/applied-digital-announces-new-u-s-based-high

  2. Applied Digital Form 10-Q for quarter ended August 31, 2026

    Applied Digital / SEC · Document date: Oct 7, 2026 · Supports

    Source reference: DF1-R04 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm

Building count · 2 buildings

Initial scope · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-041 · Recorded claim type: Initial scope · Review: Approved · Claim date: Jan 22, 2026

  1. Applied Digital breaks ground on Delta Forge 1

    Applied Digital · Document date: Jan 22, 2026 · Supports

    Source reference: DF1-01 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/144/applied-digital-breaks-ground-on-delta-forge-1-a-430-mw-ai

Building capacity · 150 MW each

Planned critical IT per building; not additive to300 MW campus · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-042 · Recorded claim type: Planned critical IT per building; not additive to300 MW campus · Review: Approved · Claim date: Jan 22, 2026

Headline treatment: Separate or overlapping physical boundary

  1. Applied Digital breaks ground on Delta Forge 1

    Applied Digital · Document date: Jan 22, 2026 · Supports

    Source reference: DF1-01 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/144/applied-digital-breaks-ground-on-delta-forge-1-a-430-mw-ai

Site area · 500+ acres

Original company report; later state description approximately300 acres differs · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-043 · Recorded claim type: Original company report; later state description approximately300 acres differs · Review: Approved · Claim date: Jan 22, 2026

Conflicting public evidence is preserved.

  1. Applied Digital breaks ground on Delta Forge 1

    Applied Digital · Document date: Jan 22, 2026 · Supports

    Source reference: DF1-01 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/144/applied-digital-breaks-ground-on-delta-forge-1-a-430-mw-ai

  2. Central Louisiana Secures $3.6 Billion Applied Digital AI Factory Campus

    Louisiana Economic Development · Document date: May 26, 2026 · Supports

    Source reference: DF1-R01 · Official primary

    Source URL

    https://www.opportunitylouisiana.gov/news/central-louisiana-secures-3-6-billion-applied-digital-ai-factory-campus

Tenant · Undisclosed U.S. investment grade hyperscaler entity

Confidential · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-044 · Recorded claim type: Confidential · Review: Approved · Claim date: Apr 23, 2026

  1. New investment-grade hyperscaler tenant at Delta Forge 1

    Applied Digital · Document date: Apr 23, 2026 · Supports

    Source reference: DF1-02 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/149/applied-digital-announces-new-u-s-based-high

Lease value · Approximately $7,500,000,000

Base term contracted lease revenue; not financing raised · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-045 · Recorded claim type: Base term contracted lease revenue; not financing raised · Review: Approved · Claim date: Apr 23, 2026

  1. New investment-grade hyperscaler tenant at Delta Forge 1

    Applied Digital · Document date: Apr 23, 2026 · Supports

    Source reference: DF1-02 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/149/applied-digital-announces-new-u-s-based-high

  2. Applied Digital Form 10-K for year ended May 31, 2026

    Applied Digital / SEC · Document date: Jul 29, 2026 · Supports

    Source reference: DF1-R03 · Party primary

    Source URL

    https://ir.applieddigital.com/sec-filings/all-sec-filings/content/0001144879-26-000048/apld-20260531.htm

Lease term · 15 years approx

Base term · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-046 · Recorded claim type: Base term · Review: Approved · Claim date: Apr 23, 2026

  1. New investment-grade hyperscaler tenant at Delta Forge 1

    Applied Digital · Document date: Apr 23, 2026 · Supports

    Source reference: DF1-02 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/149/applied-digital-announces-new-u-s-based-high

Initial operations · Initial RFS H1 2027; full capacity early 2028 schedule

Forecast, not achieved · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-047 · Recorded claim type: Forecast, not achieved · Review: Approved · Claim date: Oct 7, 2026

  1. Fiscal fourth quarter and full year 2026 results

    Applied Digital · Document date: Jul 27, 2026 · Supports

    Source reference: DF1-03 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year

  2. Applied Digital Form 10-Q for quarter ended August 31, 2026

    Applied Digital / SEC · Document date: Oct 7, 2026 · Supports

    Source reference: DF1-R04 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm

Location · Boyce, Louisiana place

Later disclosed · Applied Digital Delta Forge 1 (Project)

Claim AST-B4-048 · Recorded claim type: Later disclosed · Review: Approved · Claim date: Jul 27, 2026

  1. Fiscal fourth quarter and full year 2026 results

    Applied Digital · Document date: Jul 27, 2026 · Supports

    Source reference: DF1-03 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year

Announced campus capital cost estimate · $3,600,000,000

Project cost estimate not financing · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-001 · Recorded claim type: Project cost estimate not financing · Review: Approved · Claim date: May 26, 2026

  1. Central Louisiana Secures $3.6 Billion Applied Digital AI Factory Campus

    Louisiana Economic Development · Document date: May 26, 2026 · Supports

    Source reference: DF1-R01 · Official primary

    Source URL

    https://www.opportunitylouisiana.gov/news/central-louisiana-secures-3-6-billion-applied-digital-ai-factory-campus

Initial footprint described by state · 300 acres approx

Reported scope differs from original more than 500 acre company description · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-002 · Recorded claim type: Reported scope differs from original more than 500 acre company description · Review: Approved · Claim date: May 26, 2026

Conflicting public evidence is preserved.

  1. Central Louisiana Secures $3.6 Billion Applied Digital AI Factory Campus

    Louisiana Economic Development · Document date: May 26, 2026 · Supports

    Source reference: DF1-R01 · Official primary

    Source URL

    https://www.opportunitylouisiana.gov/news/central-louisiana-secures-3-6-billion-applied-digital-ai-factory-campus

  2. Applied Digital breaks ground on Delta Forge 1

    Applied Digital · Document date: Jan 22, 2026 · Supports

    Source reference: DF1-01 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/144/applied-digital-breaks-ground-on-delta-forge-1-a-430-mw-ai

Electric utility · Cleco Power LLC entity

Contracted service subject to regulatory approval · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-003 · Recorded claim type: Contracted service subject to regulatory approval · Review: Approved · Claim date: May 26, 2026

  1. Cleco to power data center planned for Rapides Parish

    Cleco · Document date: May 26, 2026 · Supports

    Source reference: DF1-R02 · Party primary

    Source URL

    https://www.cleco.com/media/press-releases/detail/2026/05/26/cleco-to-power-data-center-planned-for-rapides-parish

  2. Direct testimony of William Fontenot, June 22, 2026

    Cleco Power LLC / Louisiana Public Service Commission · Document date: Jun 22, 2026 · Supports

    Source reference: DF1-R07 · Party primary

    Source URL

    https://lpscpubvalence.lpsc.louisiana.gov/portal/PSC/ViewFile?fileId=tknxmkXCYSY%3D

Electric service agreement executed · Apr 20, 2026

Utility testimony; not energized service · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-004 · Recorded claim type: Utility testimony; not energized service · Review: Approved · Claim date: Jun 22, 2026

  1. Direct testimony of William Fontenot, June 22, 2026

    Cleco Power LLC / Louisiana Public Service Commission · Document date: Jun 22, 2026 · Supports

    Source reference: DF1-R07 · Party primary

    Source URL

    https://lpscpubvalence.lpsc.louisiana.gov/portal/PSC/ViewFile?fileId=tknxmkXCYSY%3D

Utility load timing · Approximately 430 MW expected by 2028; separate from 300 MW contracted critical IT scope

Forecast utility load, not operating IT · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-005 · Recorded claim type: Forecast utility load, not operating IT · Review: Approved · Claim date: Oct 15, 2026

  1. LPSC Order U-38035, issued October 15, 2026

    Louisiana Public Service Commission · Document date: Oct 15, 2026 · Supports

    Source reference: DF1-R05 · Official primary

    Source URL

    https://lpscpubvalence.lpsc.louisiana.gov/portal/PSC/ViewFile?fileId=/BCQNjQtyTw%3D

Cooling architecture · Closed loop cooling is planned; this does not establish zero construction water use system

Project design, not measured consumption · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-006 · Recorded claim type: Project design, not measured consumption · Review: Approved · Claim date: May 26, 2026

  1. Central Louisiana Secures $3.6 Billion Applied Digital AI Factory Campus

    Louisiana Economic Development · Document date: May 26, 2026 · Supports

    Source reference: DF1-R01 · Official primary

    Source URL

    https://www.opportunitylouisiana.gov/news/central-louisiana-secures-3-6-billion-applied-digital-ai-factory-campus

  2. Applied Digital written responses on Delta Forge 1 construction wells

    Applied Digital via JSA; correspondence preserved by Kingfish · Document date: Aug 12, 2026 · Supports

    Source reference: DF1-R15 · Party primary

    Source URL

    https://media.kingfish.la/2026/08/gwr_APLD_response.pdf?ref=kingfish.la

Delivery outlook · Initial ready for service H1 2027; full capacity early 2028 schedule

Forecast, not achieved · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-007 · Recorded claim type: Forecast, not achieved · Review: Approved · Claim date: Oct 7, 2026

  1. Applied Digital Form 10-Q for quarter ended August 31, 2026

    Applied Digital / SEC · Document date: Oct 7, 2026 · Supports

    Source reference: DF1-R04 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm

Utility regulatory status · U-38035: substantive application remains under review; October 15 order is procedural and directs Commission consideration by March 2027 regulatory record

No service, generation or transmission approval established · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-008 · Recorded claim type: No service, generation or transmission approval established · Review: Approved · Claim date: Oct 15, 2026

  1. LPSC Order U-38035, issued October 15, 2026

    Louisiana Public Service Commission · Document date: Oct 15, 2026 · Supports

    Source reference: DF1-R05 · Official primary

    Source URL

    https://lpscpubvalence.lpsc.louisiana.gov/portal/PSC/ViewFile?fileId=/BCQNjQtyTw%3D

Air operating permit review · Proposed initial synthetic minor air permit 2360-00175-00, AI250709/PER20260002; July 29 notice, September 3 hearing scheduled; no issue date shown in reviewed register regulatory record

Proposed permit; issuance unverified · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-009 · Recorded claim type: Proposed permit; issuance unverified · Review: Approved · Claim date: Jul 29, 2026

  1. Public notice: Applied Digital Corporation – Delta Forge 1, 2360-00175-00

    Louisiana Department of Environmental Quality · Document date: Jul 29, 2026 · Supports

    Source reference: DF1-R09 · Official primary

    Source URL

    https://www.deq.louisiana.gov/public-notices?endDate=&keyword=&pn=10&startDate=

State equipment tax exemption · LED reports qualification under Act 730 for eligible data center equipment purchases or leases; benefit realized not disclosed incentive

Qualification, not cash award or financing · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-010 · Recorded claim type: Qualification, not cash award or financing · Review: Approved · Claim date: May 26, 2026

  1. Central Louisiana Secures $3.6 Billion Applied Digital AI Factory Campus

    Louisiana Economic Development · Document date: May 26, 2026 · Supports

    Source reference: DF1-R01 · Official primary

    Source URL

    https://www.opportunitylouisiana.gov/news/central-louisiana-secures-3-6-billion-applied-digital-ai-factory-campus

PILOT process · EEIDD authorized execution of a PILOT term sheet on April 23; final Cooperative Endeavor Agreement approval remains separately required incentive

Term sheet authorization, not effective final PILOT · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-011 · Recorded claim type: Term sheet authorization, not effective final PILOT · Review: Approved · Claim date: Apr 23, 2026

  1. EEIDD Board minutes — April 23, 2026

    England Economic and Industrial Development District · Document date: Apr 23, 2026 · Supports

    Source reference: DF1-R10 · Official primary

    Source URL

    https://englandairpark.org/wp-content/uploads/2026/05/2.2-Regular-Session-4.23.2026.pdf

  2. EEIDD Board agenda — April 23, 2026

    England Economic and Industrial Development District · Document date: Apr 23, 2026 · Supports

    Source reference: DF1-R11 · Official primary

    Source URL

    https://englandairpark.org/wp-content/uploads/2026/04/Commission-Agenda-April-23-2026.pdf

Construction water use reported by operator · 12 million gallons approx

Cumulative construction well use reported August 12; not operating demand or daily withdrawal · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-012 · Recorded claim type: Cumulative construction well use reported August 12; not operating demand or daily withdrawal · Review: Approved · Claim date: Aug 12, 2026

  1. Applied Digital written responses on Delta Forge 1 construction wells

    Applied Digital via JSA; correspondence preserved by Kingfish · Document date: Aug 12, 2026 · Supports

    Source reference: DF1-R15 · Party primary

    Source URL

    https://media.kingfish.la/2026/08/gwr_APLD_response.pdf?ref=kingfish.la

Well 40-0252 notified pumping rate · 144,000 gallons/day

Industrial well notification, not metered actual use · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-013 · Recorded claim type: Industrial well notification, not metered actual use · Review: Approved · Claim date: Apr 6, 2026

  1. Well 40-0252 notification and April 6 acknowledgment

    Louisiana Department of Energy and Natural Resources / Office of Permitting and Compliance · Document date: Apr 6, 2026 · Supports

    Source reference: DF1-R13 · Official primary

    Source URL

    https://media.kingfish.la/2026/08/gwr-40-0252.pdf?ref=kingfish.la

  2. Applied Digital written responses on Delta Forge 1 construction wells

    Applied Digital via JSA; correspondence preserved by Kingfish · Document date: Aug 12, 2026 · Supports

    Source reference: DF1-R15 · Party primary

    Source URL

    https://media.kingfish.la/2026/08/gwr_APLD_response.pdf?ref=kingfish.la

Well 40-0253 notified pumping rate · 450,000 gallons/day

Industrial well notification, not metered actual use · Applied Digital Delta Forge 1 (Project)

Claim AST-DFR-014 · Recorded claim type: Industrial well notification, not metered actual use · Review: Approved · Claim date: Apr 6, 2026

  1. Well 40-0253 notification and April 6 acknowledgment

    Louisiana Department of Energy and Natural Resources / Office of Permitting and Compliance · Document date: Apr 6, 2026 · Supports

    Source reference: DF1-R14 · Official primary

    Source URL

    https://media.kingfish.la/2026/08/gwr-40-0253.pdf?ref=kingfish.la

  2. Applied Digital written responses on Delta Forge 1 construction wells

    Applied Digital via JSA; correspondence preserved by Kingfish · Document date: Aug 12, 2026 · Supports

    Source reference: DF1-R15 · Party primary

    Source URL

    https://media.kingfish.la/2026/08/gwr_APLD_response.pdf?ref=kingfish.la

Groundbreaking announced · 2026-01-22 — Announced achieved milestone

Announced achieved; day precision · Applied Digital Delta Forge 1 (Project)

Claim STATIC-MIL-DFR-001 · Recorded claim type: Announced achieved; day precision · Review: Approved · Claim date: Not stated

  1. Applied Digital breaks ground on Delta Forge 1

    Applied Digital · Document date: Jan 22, 2026 · Supports

    Source reference: DF1-01 · Company primary

    Source URL

    https://ir.applieddigital.com/news-events/press-releases/detail/144/applied-digital-breaks-ground-on-delta-forge-1-a-430-mw-ai

APLD AEX-01 first building lease executed · 2026-04-20 — Executed milestone

Executed; day precision · Applied Digital Delta Forge 1 (Project)

Claim STATIC-MIL-DFR-002 · Recorded claim type: Executed; day precision · Review: Approved · Claim date: Not stated

  1. Applied Digital Form 10-K for year ended May 31, 2026

    Applied Digital / SEC · Document date: Jul 29, 2026 · Supports

    Source reference: DF1-R03 · Party primary

    Source URL

    https://ir.applieddigital.com/sec-filings/all-sec-filings/content/0001144879-26-000048/apld-20260531.htm

APLD AEX-02 second building lease executed · 2026-04-22 — Executed milestone

Executed; day precision · Applied Digital Delta Forge 1 (Project)

Claim STATIC-MIL-DFR-003 · Recorded claim type: Executed; day precision · Review: Approved · Claim date: Not stated

  1. Applied Digital Form 10-K for year ended May 31, 2026

    Applied Digital / SEC · Document date: Jul 29, 2026 · Supports

    Source reference: DF1-R03 · Party primary

    Source URL

    https://ir.applieddigital.com/sec-filings/all-sec-filings/content/0001144879-26-000048/apld-20260531.htm

Utility application filed as U-38035 · 2026-07-01 — Filed not approved milestone

Filed not approved; day precision · Applied Digital Delta Forge 1 (Project)

Claim STATIC-MIL-DFR-004 · Recorded claim type: Filed not approved; day precision · Review: Approved · Claim date: Not stated

  1. LPSC Order U-38035, issued October 15, 2026

    Louisiana Public Service Commission · Document date: Oct 15, 2026 · Supports

    Source reference: DF1-R05 · Official primary

    Source URL

    https://lpscpubvalence.lpsc.louisiana.gov/portal/PSC/ViewFile?fileId=/BCQNjQtyTw%3D

Initial ready for service · H1 2027 — forecast milestone

Forecast; half year precision · Applied Digital Delta Forge 1 (Project)

Claim STATIC-MIL-DFR-005 · Recorded claim type: Forecast; half year precision · Review: Approved · Claim date: Not stated

  1. Applied Digital Form 10-Q for quarter ended August 31, 2026

    Applied Digital / SEC · Document date: Oct 7, 2026 · Supports

    Source reference: DF1-R04 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm

Full 300 MW critical IT capacity · Early 2028 — forecast milestone

Forecast; early year precision · Applied Digital Delta Forge 1 (Project)

Claim STATIC-MIL-DFR-006 · Recorded claim type: Forecast; early year precision · Review: Approved · Claim date: Not stated

  1. Applied Digital Form 10-Q for quarter ended August 31, 2026

    Applied Digital / SEC · Document date: Oct 7, 2026 · Supports

    Source reference: DF1-R04 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm

U-38035 evidentiary hearing · January 26–27, 2027 — scheduled not occurred milestone

Scheduled not occurred; day range precision · Applied Digital Delta Forge 1 (Project)

Claim STATIC-MIL-DFR-007 · Recorded claim type: Scheduled not occurred; day range precision · Review: Approved · Claim date: Not stated

  1. U-38035 ruling establishing procedural schedule

    Louisiana Public Service Commission · Document date: Sep 16, 2026 · Supports

    Source reference: DF1-R06 · Official primary

    Source URL

    https://lpscpubvalence.lpsc.louisiana.gov/portal/PSC/ViewFile?fileId=Zgad4DThgUA%3D

Counterparties and capital

Applied Digital · Developer and operator · CMP-1390

APLD AEX-01 LLC · Subsidiary building lessor; not independently verified fee title

APLD AEX-02 LLC · Subsidiary building lessor; not independently verified fee title

Cleco Power LLC · Electric utility; service approval pending

Undisclosed U.S. high investment-grade hyperscaler · Tenant

England Economic and Industrial Development District · PILOT term sheet counterparty; no inferred land ownership

This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.