Applied Digital Stock Surges 29% on $7B AI Data Center Deal with CoreWeave

Applied Digital Corp. (NASDAQ: APLD) shares skyrocketed 29.33% to $13.26 following the announcement of a landmark $7 billion, 15-year agreement with AI cloud provider CoreWeave. The deal secures 250MW of data center capacity at APLD's North Dakota facility, positioning the company as a critical infrastructure player in the AI boom.

CoreWeave, backed by Nvidia alongside Applied Digital, will lease the capacity under terms featuring fixed upfront payments and annual escalators. The arrangement guarantees long-term revenue visibility, with market sentiment reflecting confidence in APLD's pivot to high-performance computing infrastructure.

The Ellendale campus transformation from agricultural land to AI infrastructure hub underscores the accelerating demand for specialized data centers. Both companies' ties to Nvidia highlight the semiconductor giant's expanding influence across the AI value chain.