Crypto and HPC data center firm Applied Digital has entered into two 15-year lease agreements with CoreWeave to deliver 250MW of IT load to its data center campus in Ellendale, North Dakota.

The deal is expected to net Applied Digital approximately $7 billion over the course of the 15-year term, the data center provider said in a statement.

Under the terms of the agreement, CoreWeave retains the option to access an additional 150MW of critical IT load at Ellendale.

The first 100MW facility is expected to be made available to CoreWeave in Q4 2025, with the second 150MW data center – currently under construction – slated for mid-2026.

Should CoreWeave opt for the third 150MW data center, Applied said it would be available for service in 2027.

“As demand for AI accelerates exponentially, we believe that we are uniquely positioned to deliver substantial returns while supporting the evolving and dynamic needs of these rapidly evolving sectors,” said Wes Cummins, chairman and CEO of Applied Digital. “We view CoreWeave as an ideal partner as we accelerate our growth and innovation.”

He added: “We believe Ellendale is more than a development project — it’s a launchpad for the future of AI infrastructure. We intend for this platform to put us in a strong position to support early demand while continuing to grow alongside our customers.”

Applied Digital (formerly Applied Blockchain) does not mine its own Bitcoin, with the company traditionally hosting hardware on behalf of other cryptomining firms. As with many other cryptomine firms, the company is pivoting a portion of its footprint to host HPC and AI hardware amid massive demand for available capacity.

Applied Digital’s Ellendale campus in Dickey County began construction in September 2022. The site was designed to host 400 MW of critical IT load, with the company claiming it has more than 1GW of power capacity currently under various stages of load study.

In addition to Ellendale, the company has a 100MW facility in Jamestown, North Dakota, known as JMS01, and is also planning a 200MW facility in Iowa.

Applied Digital closed $375 million in financing for its Ellendale campus in February 2025, and in May, it was reported that the company had proposed a "multi-billion-dollar" data center in Toronto, South Dakota, that could offer 430MW of IT capacity.

CoreWeave was originally founded in 2017 as a cryptomining firm, though it later pivoted to offering an AI cloud. At the end of 2024, it had 32 data centers operating more than 250,000 GPUs in total and more than 360MW of active power.

The company began trading on the Nasdaq stock exchange on March 28, offering shares at $40 each and giving it the potential to raise up to $1.5bn with the IPO - $4bn less than previously mooted for the offering.

As well as self-building, US data center providers serving CoreWeave include Lincoln, Chirisa, Flexential, TierPoint, Digital Realty, Switch, DataBank, Galaxy, and Core Scientific – the latter two are retrofitting former cryptomine facilities for AI use to serve the GPU cloud firm.