Applied Digital Inks $7 Bln AI Data Center Lease With CoreWeave

(RTTNews) - Applied Digital Corp. (APLD) has signed two long-term lease agreements with AI hyperscaler CoreWeave, under which it will deliver 250 megawatts or MW of IT capacity at its Ellendale, North Dakota data center campus. The leases span approximately 15 years and are expected to generate around $7 billion in total revenue.

Applied Digital, a U.S.-based developer and operator of high-performance computing or HPC and AI infrastructure, is building out the Ellendale campus as a scalable, next-generation compute hub. The facility is engineered to support high-density workloads and is designed to eventually scale up to 1 gigawatt of power capacity.

Under the agreement, CoreWeave retains the option to lease an additional 150 MW of capacity, allowing total hosted IT load to reach 400 MW at the site.

The first 100 MW data center is expected to be operational in the fourth quarter of 2025, followed by a second 150 MW facility in mid-2026.

A third building, also with 150 MW capacity, is in the planning stages for potential deployment in 2027.

Ellendale's location, energy-efficient climate, and access to low-cost power position Applied Digital as a key player in the expanding AI and HPC infrastructure space.

The company highlighted the agreement as a foundational step in accelerating its growth and meeting the surging demand for AI infrastructure solutions.

Currently, APLD is trading ar $10.21, up by 48.64 percent on the Nasdaq