Applied Digital has entered into two 15-year lease agreements with CoreWeave to deliver 250MW of IT load to its data center campus in Ellendale, North Dakota, United States. The deal is expected to net Applied Digital approximately USD 7 billion over the course of the 15-year term. Under the terms of the agreement, CoreWeave retains the option to access an additional 150MW of critical IT load at Ellendale.

Agreement Details

The first 100MW facility is expected to be made available to CoreWeave in Q4 2025, with the second 150MW data center – currently under construction – slated for mid-2026. Should CoreWeave opt for the third 150MW data center, Applied said it would be available for service in 2027. Applied Digital's Ellendale campus in North Dakota was designed to host 400 MW of critical IT load, with the company claiming it has more than 1GW of power capacity currently under various stages of load study.

Company Background

Crypto firm Applied Digital does not mine its own Bitcoin, with the company traditionally hosting hardware on behalf of other cryptomining firms. The company is pivoting a portion of its footprint to host HPC and AI hardware amid massive demand for available capacity. CoreWeave was originally founded in 2017 as a cryptomining firm, though it later pivoted to offering an AI cloud. At the end of 2024, it had 32 data centers operating more than 250,000 GPUs in total and more than 360MW of active power.

Financial Impact

The 15-year deal is worth around USD 7 billion, providing a significant financial boost to Applied Digital. The company closed USD 375 million in financing for its Ellendale campus in February 2025, and has proposed a "multi-billion-dollar" data center in Toronto, South Dakota, that could offer 430MW of IT capacity. With this agreement, Applied Digital is well-positioned to support the growing demand for AI infrastructure, and the company intends to continue growing alongside its customers.

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