Latest news with #WesCummins
Yahoo
a day ago
- Business
- Yahoo
CoreWeave Stock Soars on $7B Data Center Deal With Applied Digital
CoreWeave's (CRWV) stock surged 25% on Tuesday and climbing another 5% pre-market, bringing its year-to-date gains to a staggering 276%, following news of a $7 billion infrastructure deal with Applied Digital. The AI cloud-computing startup signed two 15-year lease agreements with Applied Digital for 250MW of IT load at the Ellendale, North Dakota data center campus. The first 100MW will go live in Q4 2025, followed by a 150MW facility in mid-2026. CoreWeave also holds options for up to 300MW of additional capacity. Applied Digital's Ellendale campus is designed to host 400MW of critical IT load and over 1GW of power capacity is under review. CEO Wes Cummins hailed the agreement as a major step in cementing Applied Digital's role in the AI and HPC infrastructure space. The company recently secured $375 million in financing from SMBC to accelerate development. Investor optimism around AI demand continues to fuel CoreWeave's meteoric rise. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Applied Digital Taps $7 Billion in CoreWeave Leases
Applied Digital (NASDAQ:APLD) surged 42% after striking two 15-year lease agreements with CoreWeave (NASDAQ:CRWV) worth approximately $7 billion in total revenue. Under the deal, Applied will deliver 250 MW of IT power to CoreWeave's Ellendale, North Dakota, AI and HPC data center, with an option to add another 150 MW. The first 100 MW facility is slated for late 2025, the next 150 MW by mid-2026, and a third 150 MW building could launch in 2027part of Ellendale's planned 1 GW capacity. Warning! GuruFocus has detected 8 Warning Signs with APLD. As Applied transitions toward a data-center-focused REIT, CEO Wes Cummins says these long-term leases cement its role as a foundational infrastructure provider for Neocloud innovators like CoreWeave, which rents Nvidia (NVDA)-powered GPU clusters. CoreWeave's stock also climbed nearly 5% on the news. Investors should care because the 15-year, multi-gigawatt lease stream provides Applied Digital with predictable, high-visibility cash flows and validates its pivot to large-scale AI data centers just as demand for GPU-backed cloud services soars. With Ellendale's first building breaking ground next year, markets will watch Applied Digital's progress on that 100 MW deployment and any additional 150 MW commitments that could push Ellendale toward its 1 GW target. This article first appeared on GuruFocus.
CNBC
2 days ago
- Business
- CNBC
Applied Digital CEO weighs in on $7B data center deal with CoreWeave
Wes Cummins, Applied Digital CEO, joins 'Squawk on the Street' to discuss the company's deal with CoreWeave, demand outside of CoreWeave and much more.
Yahoo
2 days ago
- Business
- Yahoo
Applied Digital, CoreWeave Soars on Massive $7B AI Infrastructure Agreement
June 3 - Applied Digital (NASDAQ:APLD) shares surged about 48% Monday after the company signed two long-term lease agreements with CoreWeave (NASDAQ:CRWV) for artificial intelligence data centers. CoreWeave, backed by Nvidia (NASDAQ:NVDA), saw its stock climb about 8% following the announcement. Warning! GuruFocus has detected 10 Warning Signs with APLD. Under the deals, Applied Digital expects roughly $7 billion in rental revenue over an approximately 15-year term, with lease payments set upfront and an annual escalator regardless of project costs. Chief Executive Wes Cummins said the agreements advance the company's strategic push into advanced compute infrastructure. CoreWeave will deploy AI and high-performance computing hardware at Applied Digital's new data center campus in Ellendale, North Dakota. Applied Digital will supply 250 megawatts of critical IT load, and the campus is designed for up to 400 MW. The leases cover two data cell blocks, a 100 MW block and a 150 MW block, with CoreWeave holding an option for a third 150 MW block. CoreWeave shares reached a record high of $130.76 on May 29 and began trading at $39 on March 28. This article first appeared on GuruFocus.
Yahoo
3 days ago
- Business
- Yahoo
Applied Digital signs $7bn lease with CoreWeave
Applied Digital, a developer of digital infrastructure for high-performance computing (HPC) applications, has signed two approximately 15-year lease agreements with AI cloud-computing startup CoreWeave. Under the agreements, Applied Digital will provide 250MW of critical IT load to support CoreWeave's AI and HPC infrastructure at its Ellendale, North Dakota data centre campus. The company expects to generate approximately $7bn in total revenue over the lease terms. CoreWeave also holds an option to access an additional 150MW of critical IT load at the Ellendale campus. The first 100MW data centre for CoreWeave is expected to be operational in the fourth quarter of 2025. A second 150MW data centre is under construction and slated for service in mid-2026. CoreWeave also holds an option for a third 150MW building, currently in planning, with an anticipated service date in 2027. The Ellendale campus is designed to host 400MW of critical IT load, with more than 1GW of power capacity in various stages of load study. Applied Digital chairman and CEO Wes Cummins said: 'We believe these leases solidify Applied Digital's position as an emerging provider of infrastructure critical to the next generation of artificial intelligence and high-performance computing. '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.' In February 2025, Applied Digital announced that its HPC subsidiary, APLD HPC Holdings, secured $375m in financing from SMBC. A portion of the funds will be used to repay obligations under a senior secured note with Macquarie Capital, while the remainder will support the development of the first and second data centre buildings at the Ellendale HPC Campus. "Applied Digital signs $7bn lease with CoreWeave" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
