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3w ago

CoreWeave Secures $7 Billion Ellendale Data Center Lease with Applied Digital

The deal highlights growing demand for AI infrastructure within Nvidia’s expanding cloud ecosystem

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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

  • CoreWeave agreed on June 2 to provide 250 megawatts of IT load under two 15-year leases at Applied Digital’s Ellendale, North Dakota data center, a deal valued at about $7 billion in revenue for the operator.
  • The Ellendale campus is designed for up to 400 MW of load, with CoreWeave holding an option to expand by 150 MW into a planned third data hall.
  • Shares of CoreWeave surged more than 20% to fresh record highs in the days after the lease announcement as investor demand for AI capacity intensified.
  • The company’s order backlog reached $25.9 billion at the end of Q1, including $11.2 billion in commitments from OpenAI.
  • Nvidia held roughly 24.2 million shares of CoreWeave and 7.7 million of Applied Digital as of March 31, underscoring its strategic investment in AI infrastructure partnerships.