CoreWeave Gains Momentum Amid $7 Billion Data Center Deal with Applied Digital

CoreWeave Soars 276% YTD on $7 Billion Applied Digital Data Center Deal

CoreWeave (CRWV) shares surged 25% on Tuesday and climbed an additional 5% in pre-market trading, extending its impressive year-to-date gain to 276%. The rally follows the announcement of a landmark $7 billion infrastructure agreement with Applied Digital to expand high-performance computing capacity.

The deal includes two 15-year lease agreements for a combined 250 megawatts (MW) of IT load at Applied Digital’s Ellendale, North Dakota campus. The rollout will begin with a 100MW facility launching in Q4 2025, followed by a 150MW expansion in mid-2026. CoreWeave also retains options to add up to 300MW more capacity at the site.

Applied Digital’s Ellendale campus is designed for 400MW of critical IT load, with plans to potentially scale beyond 1 gigawatt (GW) of power.

CEO Wes Cummins described the agreement as a pivotal step solidifying Applied Digital’s leadership in the AI and HPC infrastructure sectors.

CoreWeave recently secured $375 million in financing from SMBC, providing the capital to accelerate development amid surging AI demand and investor enthusiasm.