CoreWeave’s Stock Rockets 276% YTD on $7B AI Data Center Deal With Applied Digital
CoreWeave (CRWV) shares surged 25% on Tuesday and climbed an additional 5% in pre-market trading, extending its year-to-date gains to an impressive 276%. The rally follows the announcement of a $7 billion infrastructure agreement with Applied Digital.
The AI-focused cloud computing firm inked two 15-year lease deals for 250 megawatts (MW) of IT load at Applied Digital’s Ellendale data center campus in North Dakota. The rollout begins with 100MW scheduled to go live in Q4 2025, followed by a 150MW expansion set for mid-2026. CoreWeave also holds options to increase capacity by up to 300MW.
Designed to support 400MW of critical IT load, the Ellendale campus is exploring expansion to over 1 gigawatt (GW) of power capacity, highlighting the scale of the project.
Applied Digital CEO Wes Cummins described the deal as a pivotal move that strengthens the company’s leadership in AI and high-performance computing infrastructure.
Supporting CoreWeave’s rapid growth, the company recently secured $375 million in financing from SMBC, fueled by strong investor enthusiasm amid soaring AI demand.
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