CoreWeave Stock Rockets 276% YTD on $7 Billion Infrastructure Deal With Applied Digital
CoreWeave (CRWV) shares surged 25% on Tuesday, extending gains by another 5% in pre-market trading, pushing its year-to-date rally to an impressive 276%. The surge follows the announcement of a landmark $7 billion infrastructure agreement with Applied Digital.
The AI-focused cloud computing company inked two 15-year lease contracts with Applied Digital, securing 250MW of IT load capacity at the Ellendale data center campus in North Dakota.
The first phase, a 100MW facility, is scheduled to launch in Q4 2025, with an additional 150MW coming online by mid-2026. CoreWeave also retains options for up to 300MW more capacity at the site.
Applied Digital’s Ellendale campus is engineered to support 400MW of critical IT load, with plans underway to evaluate expanding power capacity beyond 1GW.
CEO Wes Cummins described the deal as a pivotal milestone, strengthening Applied Digital’s position in the competitive AI and high-performance computing (HPC) infrastructure market.
Bolstering this growth, CoreWeave recently secured $375 million in financing from SMBC to accelerate development efforts. Investor enthusiasm around surging AI demand continues to propel CoreWeave’s rapid ascent.
