Key Metrics
48.69
Heat Index-
Impact LevelMedium
-
Scope LevelNational
-
Last Update2025-08-18
Key Impacts
Positive Impacts (13)
Event Overview
Major lease agreements highlight the rapid escalation of infrastructure investments driven by artificial intelligence and high-performance computing needs. Such deals underscore increasing financial commitments, long-term strategic planning, and competitive pressures in the cloud services sector. The expansion of dedicated data center capacity reflects deeper collaboration between technology firms and signals the scale and capital intensity required to meet evolving digital workloads and AI-driven demands.
Collect Records
CoreWeave Signs $11 Billion Lease Agreement With Applied Digital for Polaris Forge 1 Campus
CoreWeave has agreed to lease an additional 150MW of data center capacity from Applied Digital, increasing its total lease to 400MW at Applied Digital's Ellendale, North Dakota campus, known as Polaris Forge 1. The total value of this 15-year lease agreement is $11 billion, up from a prior agreement in June 2025 for 250MW valued at $7 billion. Polaris Forge 1 is purpose-built for artificial intelligence and high-performance computing and is designed to scale up to 1 gigawatt. The campus began construction in September 2022. The first 100MW facility is scheduled to be operational in Q4 2025, followed by a 150MW facility in mid-2026 and a third 150MW facility planned for 2027. According to Wes Cummins, chairman and CEO of Applied Digital, these long-term leases mark a defining moment for Polaris Forge 1 as a major data center project in North America.
CoreWeave Stock Hits Record High After $7 Billion Data Center Deal With Applied Digital
On Tuesday, shares of CoreWeave Inc. (NASDAQ: CRWV), an AI-focused cloud computing provider partnered with Nvidia, closed at a record high following the announcement of a significant data center leasing agreement. The company signed a long-term deal with Applied Digital Corporation (NASDAQ: APLD) valued at $7 billion. This agreement involves CoreWeave leasing substantial data center capacity from Applied Digital to meet surging demand for AI infrastructure.
The stock surged 25% on Tuesday to close at $150.48, building on an 8% gain from the previous session. Since its initial public offering in late March at $40 per share, CoreWeave’s stock has risen 276%. The rally has been fueled by Nvidia's disclosure of a larger-than-previously-known stake in CoreWeave and the company’s first-quarter results, which reported over 400% year-over-year revenue growth.
Market analysts noted that the stock broke out from an ascending triangle pattern, in place since late May, on above-average trading volume, suggesting strong buying interest from institutional investors and hedge funds. Technical analysis identified potential upside toward $200 if current trends persist, though the relative strength index indicated overbought conditions that could trigger short-term profit-taking.
Support levels identified by analysts include $122, the breakout point from the ascending triangle, and $97, corresponding to the pattern’s lower boundary and a previous price peak. These levels are expected to be monitored by investors for possible pullbacks and entry points.
The $7 billion partnership with Applied Digital is seen as a strategic move by CoreWeave to secure the infrastructure needed to sustain growth in the AI sector, where demand for high-performance cloud services is rapidly expanding.