Source: Applied Digital has asked tenants like Oracle and Meta for billions in guarantees since at least last year to secure power before finalizing leases (Bloomberg)
Data center firm Applied Digital has approached prominent clients to secure substantial financial backstops ahead of finalizing formal lease contracts. A source revealed that these multi-billion-dollar requests have been directed toward major corporate tenants, specifically Oracle and Meta. The strategy has been actively pursued since at least last year to lock down necessary electricity capacity. Additional specifics regarding formal responses from the involved technology companies remain undisclosed.
Key points
Securing major electricity capacity now necessitates massive financial guarantees from te…: Securing major electricity capacity now necessitates massive financial guarantees from technology tenants.
Significant capital commitments are being demanded well ahead of executing final lease co…: Significant capital commitments are being demanded well ahead of executing final lease contracts.
Specific responses and finalized deal terms from Meta and Oracle remain publicly unavaila…: Specific responses and finalized deal terms from Meta and Oracle remain publicly unavailable.
Sources checked by our analysis pipeline: 1
Lauren Edmonds / Business Insider: |
Katie Tarasov / CNBC: |
Washington Post: |
Forbes: |
Stephen Witt / New York Times: |
Nathan Lambert / Interconnects AI: |
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Bloomberg: |
FinTech Global: |
Maria Clara Cobo / Bloomberg: |
Bloomberg: |
Joseph Pisani / Wall Street Journal: |
Alex Fitzpatrick / Axios: |
Fred Lambert / Electrek: |
Kara Carlson / Bloomberg: |
Financial Times: |
Lucinda Shen / Axios: |
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