Compute · the Ledger · Site lease
CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7B
Signed · announced 2 Jun 2025 · the week to 6 Jun 2025
- Size
- $7B
- Power
- 250 MW
- Term
- 15 years · to 28 May 2040
~$3B (Building 2, 100 MW) plus ~$4B (Building 3, 150 MW) over the initial ~15-year terms; three five-year extension options.
The parties
- Applied Digitalcompany pageLandlord
- CoreWeavecompany pageTenant
The source
Applied Digital 8-K, 2025-06-02Regulatory filing
Polaris Forge 1. On 2025-08-28 CoreWeave added a 150 MW Building 4 lease (~$4.0B), taking its Ellendale total to 400 MW and Applied Digital's contracted lease revenue to ~$11B (8-K 2025-08-29).
The same parties, other deals
- Applied Digital signs a 15-year power purchase agreement with Base Electron for a planned 1,200 MW gas plant in Center, North Dakotaundisclosed · 7 Oct 2026
- Applied Digital leases all 210 MW of its Delta Forge 2 campus to an unnamed hyperscaler for about 15 years, about $5.2B$5.2B · 8 Jun 2026
- Applied Digital leases 300 MW at its Polaris Forge 3 campus to an unnamed hyperscaler for about 15 years, about $7.5B$7.5B · 20 May 2026
- Applied Digital leases 300 MW at its Delta Forge 1 campus in Louisiana to an unnamed hyperscaler for about 15 years, about $7.5B$7.5B · 23 Apr 2026
- Jane Street commits ~$6B to CoreWeave's AI cloud and buys $1B of CoreWeave stock at $109.00$6B · 15 Apr 2026
- Meta signs a new CoreWeave order form; Meta's initial commitment is ~$21B through December 20, 2032$21B · 9 Apr 2026