Applied Digital Corporation Surges to 20th in Market Rankings with $23.10 Billion Turnover

On June 2, 2025, Applied Digital Corporation (APLD) saw a significant surge in trading volume, with a total turnover of $23.10 billion, marking a 1338.62% increase from the previous day. This substantial rise placed APLD at the 20th position in the day's stock market rankings, with the stock price increasing by 48.46%.

The surge in APLD's stock price can be attributed to a landmark $7 billion, 15-year lease agreement with CoreWeave, a rapidly growing AI cloud provider. This deal is expected to generate approximately $7 billion in revenue for Applied Digital over the lease period. The agreement involves providing CoreWeave with 250 megawatts (MW) of critical IT load, underscoring the strategic importance of this partnership in the AI and data center sectors.

The announcement of this deal has garnered significant attention, highlighting Applied Digital's growing presence in the AI and data center markets. The long-term nature of the lease agreement not only secures a stable revenue stream for Applied Digital but also positions the company as a key player in the rapidly evolving AI infrastructure landscape.