Applied Digital signs 250MW data center leases with CoreWeave for ~$7B total revenue

Applied Digital Corp.

Two 15-year leases for 250 MW (100 MW Building 2 + 150 MW Building 3) at Ellendale, ND campus; total contract value ~$7B.
Building 2 ready for service Q4 2025; Building 3 mid-2026; CoreWeave option for additional 150 MW (planned 2027).
Issued CoreWeave warrant for 13,062,521 shares at $7.19; may issue additional warrants under Letter Agreement.
Targets up to $200M ATM offering of common stock to fund growth, starting as early as week of June 2, 2025.

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