From Yahoo Finance: 2025-06-02 09:43:00

Applied Digital has signed two 15-year leases with CoreWeave, generating $7 billion in revenue. The deal provides a lifeline for Applied Digital as it transitions to a real estate investment trust. Shares surged by 17% in premarket trading. CEO Wes Cummins sees this as a strategic move into advanced compute infrastructure.

CoreWeave, a neocloud provider, focuses on renting Nvidia’s chips to developers. Leasing data center infrastructure from companies like Applied Digital helps reduce financial burden. CoreWeave’s shares were up close to 4% following the announcement. This partnership signals the importance of infrastructure in AI and high-performance computing.

Read more: Applied Digital and CoreWeave ink 15-year lease worth $7 billion