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yesterday

Applied Digital Locks in $7 Billion 15-Year Leases with CoreWeave

Leases allocate 250 MW of Ellendale capacity to CoreWeave’s AI operations, prompting a near-40% surge in Applied Digital’s shares.

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A screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid

Overview

  • Applied Digital’s lease agreements with Nvidia-backed CoreWeave span 15 years and are expected to generate about $7 billion in revenue.
  • The contracts allocate 250 megawatts of IT load at Applied Digital’s Ellendale, North Dakota, data center campus.
  • The Ellendale facility is designed to host up to 400 megawatts of capacity, offering headroom for future AI workloads.
  • Applied Digital’s shares rose by nearly 40% in trading following the lease announcement.
  • CEO Wes Cummins said the leases cement Applied Digital’s role as a provider of infrastructure critical to next-generation AI and high-performance computing.