Applied Digital Taps $7 Billion in CoreWeave Leases
Applied Digital (NASDAQ:APLD) surged 42% after striking two 15-year lease agreements with CoreWeave (NASDAQ:CRWV) worth approximately $7 billion in total revenue.
Under the deal, Applied will deliver 250 MW of IT power to CoreWeave's Ellendale, North Dakota, AI and HPC data center, with an option to add another 150 MW. The first 100 MW facility is slated for late 2025, the next 150 MW by mid-2026, and a third 150 MW building could launch in 2027part of Ellendale's planned 1 GW capacity.
Warning! GuruFocus has detected 8 Warning Signs with APLD.
As Applied transitions toward a data-center-focused REIT, CEO Wes Cummins says these long-term leases cement its role as a foundational infrastructure provider for Neocloud innovators like CoreWeave, which rents Nvidia (NVDA)-powered GPU clusters. CoreWeave's stock also climbed nearly 5% on the news.
Investors should care because the 15-year, multi-gigawatt lease stream provides Applied Digital with predictable, high-visibility cash flows and validates its pivot to large-scale AI data centers just as demand for GPU-backed cloud services soars.
With Ellendale's first building breaking ground next year, markets will watch Applied Digital's progress on that 100 MW deployment and any additional 150 MW commitments that could push Ellendale toward its 1 GW target.
This article first appeared on GuruFocus.
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In some cases, you can identify forward-looking statements by terms such as 'may,' 'will,' 'should,' 'expect,' 'plan,' 'anticipate,' 'could,' 'intend,' 'target,' 'project,' 'contemplates,' 'believes,' 'estimates,' 'predicts,' 'potential' or 'continue' or the negatives of these terms or other similar expressions. These statements are based on the Forte's current beliefs and expectations. Forward-looking statements include statements regarding Forte's beliefs, goals, intentions and expectations regarding its product candidate, FB102 and the therapeutic and commercial market potential of FB102, the expected timeline for the Phase 2 celiac study and related readout, and the expected timing of topline results for the FB102 vitiligo study. 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