CoreWeave Stock Rises 25% on $7 Billion Infrastructure Agreement
CoreWeave’s (CRWV) stock increased by 25% on Tuesday and an additional 5% pre-market, marking a year-to-date rise of 276%. This follows a $7 billion infrastructure deal with Applied Digital.
- CoreWeave signed two 15-year lease agreements for 250MW at the Ellendale, North Dakota data center.
- The first 100MW will become operational in Q4 2025, with an additional 150MW facility expected in mid-2026.
- CoreWeave has options for up to 300MW of extra capacity.
- Applied Digital’s campus can support 400MW of IT load, with over 1GW of power capacity under review.
- CEO Wes Cummins emphasized the agreement's significance in AI and HPC infrastructure.
- Applied Digital secured $375 million in financing from SMBC to expedite development.
- Investor interest in AI continues to drive CoreWeave's growth.