CoreWeave Exits APLD Stake Despite $7B Deal, Sparking Market Reaction
CoreWeave (CRWV) has divested its entire stake in Applied Digital (APLD), as confirmed by a June 10 regulatory filing. The MOVE eliminates CoreWeave''s direct and indirect ownership in APLD, despite their ongoing $7 billion data center lease agreements spanning 15 years.
Market reaction was swift: APLD shares dropped 11% post-announcement, while CoreWeave saw a modest 1% decline. The divergence highlights investor concerns about strategic alignment between the partners, even as contractual obligations remain intact.
A May 28 warrant granting CoreWeave rights to purchase 13 million APLD shares at $7.19 remains outstanding. The filing suggests no immediate plans to exercise this option, leaving open questions about future financial ties between the companies.
