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Home/Deal Room/Applied Digital signs 250 MW CoreWeave lease at Ellendale

Data centers · Evidence brief

Applied Digital signs 250 MW CoreWeave lease at Ellendale

Applied Digital + CoreWeave

Primary sourcePress release only2025-06-02
Deal structureAI data-center lease / HPC colocation
GeographyEllendale, North Dakota
Infrastructure layersData centers + cloud capacity
Disclosed scale250 MW critical IT load over about 15 years; roughly $7B anticipated revenue; option for +150 MW

Why it matters

The strategic read

Turns Applied Digital’s Ellendale campus from a speculative AI-campus story into contracted critical IT capacity for CoreWeave at hundreds of megawatts.

Source-supported terms

What was disclosed

  1. 01

    Applied Digital entered into two approximately 15-year leases with CoreWeave.

  2. 02

    The leases cover 250 MW of critical IT load at the Ellendale, North Dakota campus.

  3. 03

    Applied Digital expects about $7B in total revenue over the lease terms.

  4. 04

    CoreWeave retains an option to access an additional 150 MW of critical IT load at Ellendale.

Disclosure boundary

What is known—and what is not

Lease summary announced publicly; full contracts, pricing mechanics, power supply terms and delivery penalties are not public.