The 15-year deals will see Applied Digital deliver 250 megawatts to host CoreWeave‘s AI and high-performance computing (HPC) workloads at its data centre campus in Ellendale, North Dakota.
CoreWeave also holds the option for an additional 150 MWs as the firm continues to scale up despite an unnerving IPO earlier this year.
“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,” said Wes Cummins, chairman and CEO of Applied Digital. “We view CoreWeave as an ideal partner as we accelerate our growth and innovation.”
The Macquarie Equipment Capital-backed firm said it expects the first 100 MW data centre for CoreWeave to be ready for service in the fourth quarter of calendar 2025.
The second building, which is expected to house a 150 MW data centre, is currently under construction and is expected to be ready for service in the middle of 2026.
“We intend for this platform to put us in a strong position to support early demand while continuing to grow alongside our customers,” Cummins added. “Through these newly signed long-term leases with CoreWeave, we are taking a step forward in our strategic expansion into advanced compute infrastructure.”
The lease agreement comes as CoreWeave presses on with plans to expand its AI cloud offerings.
Earlier this year, the startup secured an $11.9 billion injection from OpenAI to support its AI workloads, adding to its big-name customers, which already include Microsoft, while recent reports suggest CoreWeave is in talks with Google.
CoreWeave did, however, stumble upon launching an initial public offering earlier this year, with share prices dipping below the initial $40 price by day two. The firm has since recovered, with prices surpassing $100.
