CoreWeave Stock Climbs 276% YTD on Massive $7B Data Center Expansion Deal with Applied Digital
CoreWeave (CRWV) shares surged 25% on Tuesday, continuing to rise 5% in pre-market trading, lifting its year-to-date gains to a remarkable 276%. The jump follows the company’s announcement of a $7 billion infrastructure deal with Applied Digital focused on expanding high-performance computing capacity to meet booming AI demand.
Under the agreement, CoreWeave secured two 15-year leases for a total of 250 megawatts (MW) of IT load at Applied Digital’s Ellendale data center in North Dakota. The first 100MW phase is expected to launch in Q4 2025, with an additional 150MW planned for mid-2026. CoreWeave also holds options to add as much as 300MW more capacity at the site.
The Ellendale campus is engineered to support 400MW of critical IT load, with plans underway to explore expanding power capacity beyond 1 gigawatt (GW).
Applied Digital CEO Wes Cummins described the deal as a game-changing milestone that strengthens the company’s leadership in AI and HPC infrastructure.
The company also recently secured $375 million in funding from SMBC to accelerate development, fueling investor excitement as CoreWeave positions itself to capitalize on the explosive growth in AI computing needs.
