Applied Digital Finalizes Major Lease Agreement with CoreWeave for AI Infrastructure Expansion

Applied Digital has finalized a 150MW lease agreement with CoreWeave at its Polaris Forge 1 Campus in North Dakota, increasing the site's total critical IT capacity to 400MW. Pure Storage reported earnings growth and raised its fiscal year 2026 revenue guidance, trading up 32.3% to $80.54. Nutanix lagged, down 5.1% to $66.06, after announcing a strategic collaboration with Finanz Informatik.

Applied Digital (NASDAQ: APLD) has announced a significant expansion of its data center capacity at the Polaris Forge 1 Campus in Ellendale, North Dakota. The company has signed a new long-term lease with CoreWeave (NASDAQ: CRWV) for an additional 150MW of data center space, increasing the site's total critical IT capacity to 400MW [1]. This deal is part of a broader strategy to scale the campus to 1 gigawatt over time, leveraging Applied Digital's proprietary high-density compute technology.

The new 150MW data center is expected to be operational by 2027, following the scheduled go-live dates for the first two buildings—100MW and 150MW—in late 2025 and mid-2026, respectively. This expansion will significantly boost Applied Digital's total expected contracted lease revenue to about $11 billion, with CoreWeave now set to occupy 400MW across three buildings at the site [1].

Meanwhile, Pure Storage, Inc. (NASDAQ: PSTG) has provided earnings guidance for the third quarter of fiscal year 2026, projecting revenue of $950 million to $960 million, representing a year-on-year growth rate of 14.3% to 15.5% [2]. The company's stock traded up 32.3% to $80.54 following the announcement.

Nutanix (NASDAQ: NTNX) reported a strategic collaboration with Finanz Informatik, a German IT services company, to migrate its Windows and Linux workloads to Nutanix's platform over two years [3]. Despite the positive strategic move, Nutanix's stock lagged, down 5.1% to $66.06, after the announcement.

The market reaction to these announcements underscores the varying investor sentiment towards each company's strategic initiatives and financial performance.

References:
[1] https://seekingalpha.com/news/4490437-applied-digital-rises-on-additional-150mw-lease-with-coreweave-in-north-dakota
[2] https://www.marketscreener.com/news/pure-storage-inc-provides-earnings-guidance-for-the-third-quarter-of-fiscal-year-2026-ce7c50dfd889f620
[3] https://www.gurufocus.com/news/3083033/nutanix-ntnx-secures-major-deal-with-finanz-informatik-for-platform-migration