CoreWeave’s (CRWV) stock surged 25% on Tuesday and climbing another 5% pre-market, bringing its year-to-date gains to a staggering 276%, following news of a $7 billion infrastructure deal with Applied Digital.
The AI cloud-computing startup signed two 15-year lease agreements with Applied Digital for 250MW of IT load at the Ellendale, North Dakota data center campus.
The first 100MW will go live in Q4 2025, followed by a 150MW facility in mid-2026. CoreWeave also holds options for up to 300MW of additional capacity.
Applied Digital’s Ellendale campus is designed to host 400MW of critical IT load and over 1GW of power capacity is under review.
CEO Wes Cummins hailed the agreement as a major step in cementing Applied Digital’s role in the AI and HPC infrastructure space.
The company recently secured $375 million in financing from SMBC to accelerate development. Investor optimism around AI demand continues to fuel CoreWeave’s meteoric rise.