Applied Digital's CoreWeave Deal Just Became An $11 Billion AI Power Play
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Applied Digital Corp (NASDAQ:APLD) has expanded its lease with CoreWeave Inc (NASDAQ:CRWV) to 400 megawatts, valued at approximately $11 billion. CEO Wes Cummins announced this during the earnings call, highlighting that the company has 700 megawatts under construction and has reduced its construction timeline to 12-14 months. The expansion includes the Polaris Forge campus, with full scale expected by 2027. This deal is anticipated to generate significant recurring revenue, supporting a projected annual net operating income of $500 million, aiming for $1 billion within five years.
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