Applied Digital Finalizes New 150MW Lease with CoreWeave

Applied Digital Corporation (NASDAQ:APLD) is one of the best AI stocks to buy according to analysts. On August 29, Applied Digital announced it has finalized a new lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota. The new long-term lease, along with two initial ~15-year leases executed in May of the same year, brings the total contracted capacity to 400MW for CoreWeave’s AI and high-performance computing initiatives.

The combined value of these 3 agreements is anticipated to generate ~$11 billion in total contracted lease revenue, which includes $7 billion from the initial 2 leases. The new 150MW data center will be in the third building of the Polaris Forge 1 Campus, with a projected service date of 2027.

Applied Digital Finalizes New 150MW Lease with CoreWeave

The first 100MW data center from the initial May agreements is scheduled to be ready in Q4 2025, and the second 150MW building is under construction and expected to be operational in the middle of 2026. The Polaris Forge 1 Campus is engineered to eventually scale up to 1 gigawatt. The company’s recent study estimates that the campus’s design, which uses renewable power and North Dakota’s cool climate, could result in $2.7 billion in savings over a 30-year lifespan by optimizing the total cost of ownership.

Applied Digital Corporation (NASDAQ:APLD) designs, develops, and operates digital infrastructure solutions for HPC and AI industries in North America.

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Disclosure: None. This article is originally published at Insider Monkey.