CoreWeave Stock Surges on $7B Data Center Deal With Applied Digital
CoreWeave's stock skyrocketed 25% on Tuesday, with an additional 5% pre-market bump, pushing year-to-date gains to 276%. The surge follows a landmark $7 billion infrastructure agreement with Applied Digital for AI cloud-computing capacity.
The 15-year lease covers 250MW of IT load at Applied Digital's Ellendale campus, with options for 300MW more. First-phase deployment begins Q4 2025. CEO Wes Cummins positions this as a transformative play in AI infrastructure, backed by $375 million in fresh SMBC financing.
Investor enthusiasm for AI-related assets shows no signs of cooling, with CoreWeave's trajectory mirroring the sector's explosive growth. The Ellendale facility's 400MW design capacity underscores the scaling demands of next-gen computing.
