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.