Applied Digital Corporation announced it has entered into two approximately 15-year lease agreements with CoreWeave, an AI hyperscaler. These agreements will see Applied Digital deliver 250 megawatts (MW) of critical IT load to host CoreWeave's artificial intelligence (AI) and high-performance computing (HPC) infrastructure at its Ellendale, North Dakota data center campus.
The company anticipates these leases will generate approximately $7 billion in total revenue over their 15-year term, marking a foundational step in unlocking the Ellendale campus's full potential. CoreWeave also retains an option to access an additional 150 MW of critical IT load at Ellendale, positioning the campus as a scalable hub for expanding AI and HPC workloads.
Applied Digital expects the first 100 MW data center for CoreWeave to be ready for service in the fourth quarter of calendar 2025. The second building, housing a 150 MW data center, is currently under construction and is expected to be ready for service in the middle of 2026. The third 150 MW building, subject to CoreWeave's option, is in the planning stages and anticipated to be ready for service in 2027.
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