Applied Digital Soars 22.84% on AI Data Center Lease

Applied Digital's stock surged 22.84% in pre-market trading on June 2, 2025, driven by significant developments in its data center operations.

The company has entered into lease agreements with CoreWeave to deliver 250 megawatts (MW) of critical IT load to host artificial intelligence (AI) and high-performance computing (HPC) services. This strategic move is part of Applied Digital's broader plan to expand its data center capacity and cater to the growing demand for AI and HPC infrastructure.

The lease agreements include an option for CoreWeave to expand its capacity by an additional 150 MW, providing flexibility for future growth. This partnership underscores Applied Digital's commitment to delivering high-performance computing solutions and its ability to attract major tenants in the AI and HPC sectors.

Applied Digital's Ellendale Campus in North Dakota is designed to support high-density rack loads with advanced cooling systems, ensuring optimal performance for AI applications. The campus is equipped with direct-to-chip closed-loop liquid cooling and air cooling, making it well-suited for AI at scale.