Applied Digital Secures $16 Billion in AI Data Center Leases Amid Surging Demand

Applied Digital (APLD) is capitalizing on rising artificial intelligence infrastructure demand, securing approximately $16 billion in potential lease revenue from long-term contracts with CoreWeave (CRWV) and an unnamed hyperscaler. The company is constructing two North Dakota campuses totaling 700 megawatts (MW), with 600 MW already leased. CoreWeave occupies 400 MW under a 15-year agreement. Applied Digital also initiated construction on a 430 MW southern U.S. facility and holds development rights for 4.3 GW of total capacity. Management targets over $1 billion in net operating income within five years, citing Deloitte projections that U.S. AI data center power demand will reach 123 GW by 2035. Shares have increased 350% over the trailing 12 months.