On June 2, 2025, CoreWeave entered into two 15-year lease agreements with Applied Digital, a data center operator, valued at approximately $7 billion in revenue for Applied Digital over the lease period. This deal secures significant infrastructure for CoreWeave's AI and high-performance computing operations.
Under the terms, Applied Digital will provide 250 megawatts of critical IT load for CoreWeave at its Ellendale, North Dakota campus. The lease covers two data cell blocks, with CoreWeave holding an option for an additional 150 MW capacity.
This long-term agreement is crucial for CoreWeave to expand its specialized cloud services and meet the surging demand for AI compute resources. It ensures a stable supply of power and real estate, which are vital for its aggressive growth strategy.
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