Applied Digital (APLD) Announced Signing Two Major Lease Agreements with CoreWeave

Applied Digital Corporation (NASDAQ:APLD) is one of the Best Tech Stocks to Buy Under $20. On June 2, Applied Digital Corporation (NASDAQ:APLD) announced signing two major lease agreements with CoreWeave Inc. (NASDAQ:CRWV) to supply 250MW of IT power to CoreWeave at its Ellendale, North Dakota, data center.

The lease covers about 15 years and has the potential to bring the company more than $7 billion in revenue over the contract. Moreover, CoreWeave also has the option to use another 150MW in the future, making Ellendale a scalable center for growing AI and HPC needs. The data center is being designed for high-density computing and has the potential to eventually scale up to 1 gigawatt. The first 100MW facility is expected to be ready by the end of 2025, with the 150MW building coming online by mid-2026.

Applied Digital (APLD) Announced Signing Two Major Lease Agreements with CoreWeave

An overhead view of a large-scale data center with rows of servers and blinking lights.

Applied Digital Corporation builds and operates advanced data centers across North America. It supplies digital infrastructure and cloud services for high-performance computing, artificial intelligence, and blockchain applications.

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This article is originally published at Insider Monkey.