Applied Digital, a developer of digital infrastructure for high-performance computing (HPC) applications, has signed two approximately 15-year lease agreements with AI cloud-computing startup CoreWeave.
Under the agreements, Applied Digital will provide 250MW of critical IT load to support CoreWeave’s AI and HPC infrastructure at its Ellendale, North Dakota data centre campus.
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The company expects to generate approximately $7bn in total revenue over the lease terms.
CoreWeave also holds an option to access an additional 150MW of critical IT load at the Ellendale campus.
The first 100MW data centre for CoreWeave is expected to be operational in the fourth quarter of 2025.
A second 150MW data centre is under construction and slated for service in mid-2026.
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By GlobalDataCoreWeave also holds an option for a third 150MW building, currently in planning, with an anticipated service date in 2027.
The Ellendale campus is designed to host 400MW of critical IT load, with more than 1GW of power capacity in various stages of load study.
Applied Digital chairman and CEO Wes Cummins said: “We believe these leases solidify Applied Digital’s position as an emerging provider of infrastructure critical to the next generation of artificial intelligence and high-performance computing.
“As demand for AI accelerates exponentially, we believe that we are uniquely positioned to deliver substantial returns while supporting the evolving and dynamic needs of these rapidly evolving sectors.”
In February 2025, Applied Digital announced that its HPC subsidiary, APLD HPC Holdings, secured $375m in financing from SMBC.
A portion of the funds will be used to repay obligations under a senior secured note with Macquarie Capital, while the remainder will support the development of the first and second data centre buildings at the Ellendale HPC Campus.
