Coreweaves (CRWV) stock rose 25% on Tuesday and climbed an additional 5% ahead of the market, which brought its years to date to a staggering 276% after news of an infrastructure agreement of $ 7 billion with Applied Digital.
AI Cloud-Computing startup signed two 15-year leasing agreements with Applied Digital for the 250MW of the IT load at Ellendale, North Dakota Data Center Campus.
The first 100 MW goes live in the 4th quarter of 2025, followed by a 150 MW facility in mid-2026. Coreweave also has options for up to 300 MW additional capacity.
Applied Digital’s Ellendale Campus is designed to host the 400 MW Critical IT load, and over 1 GW power capacity is undergoing review.
CEO WES CUMMINS paid tribute to the agreement as a major step in cementing used Digital’s role in the AI and HPC infrastructure space.
The company recently secured $ 375 million in financing from SMBC to speed up development. Investor optimism around the AI demand continues to burn Coreweave’s meteoric increase.
