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3w ago

Applied Digital Secures $7 Billion, 15-Year AI Infrastructure Lease with CoreWeave

The long-term deal underpins Applied Digital’s pivot to a data center REIT by delivering critical capacity for CoreWeave's expanding AI workloads

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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 will supply 250 megawatts of critical IT load to CoreWeave under two 15-year leases at its Ellendale, North Dakota data center.
  • The leases are projected to generate approximately $7 billion in revenue for Applied Digital over their 15-year term.
  • Ellendale campus currently supports up to 400 MW of load and can expand beyond one gigawatt to meet rising AI and high-performance computing demands.
  • Applied Digital’s shares surged as much as 54% after the announcement, and CoreWeave’s stock climbed over 8% as investors welcomed the partnership.
  • CoreWeave has now contracted more than 2 GW of power capacity and reported a $25.9 billion order backlog at the end of Q1, including $11.2 billion from OpenAI.