Applied Digital (APLD) Announced Signing Two Major Lease Agreements with CoreWeave

Applied Digital Corporation (NASDAQ:APLD) is one of the Best Tech Stocks to Buy Under $20. On June 2, Applied Digital Corporation (NASDAQ:APLD) announced signing two major lease agreements with CoreWeave Inc. (NASDAQ:CRWV) to supply 250MW of IT power to CoreWeave at its Ellendale, North Dakota, data center.

The lease covers about 15 years and has the potential to bring the company more than $7 billion in revenue over the contract. Moreover, CoreWeave also has the option to use another 150MW in the future, making Ellendale a scalable center for growing AI and HPC needs. The data center is being designed for high-density computing and has the potential to eventually scale up to 1 gigawatt. The first 100MW facility is expected to be ready by the end of 2025, with the 150MW building coming online by mid-2026.

Applied Digital Corporation (NASDAQ:APLD) builds and operates advanced data centers across North America. It supplies digital infrastructure and cloud services for high-performance computing, artificial intelligence, and blockchain applications.

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Disclosure: None. This article is originally published at Insider Monkey.