Applied Digital–CoreWeave 15-year leases at Polaris Forge 1
CoreWeave signed two roughly 15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, worth about $7 billion in contracted revenue. CoreWeave later took a further 150 MW, lifting the total to 400 MW and about $11 billion.
What the value means
About $7 billion over ~15 years for the initial 250 MW. After the 150 MW option was exercised, total expected lease revenue is about $11 billion for 400 MW.
The record
Verified 9 Nov 2026- Announced
- Buyer
- CoreWeave
- Seller / provider
- Applied Digital
- ValueHeadline dollar value exactly as stated in the cited source.
- 7,000,000,000 USD
- Capacity
- 0.25 GW
- Accelerators
- Not disclosed
- Chips
- Not named
- Term
- 15 years
- StatusAdds to an existing relationship
- expanded
- Other parties
- None named
- Deal type
- datacenter-lease, neocloud
Sources
2- CoreWeave signs megalease at Applied Digital (The Register) read 2026-11-09
- Applied Digital fiscal Q4 2025 results, 8-K Ex. 99 (SEC, 30 Jul 2025) read 2026-11-09
Cite this deal
AI Compute Deals, “Applied Digital–CoreWeave 15-year leases at Polaris Forge 1”, https://aicomputedeals.com/applied-digital-coreweave-polaris-forge-2025-06/ (verified 2026-11-09).
Data under CC BY 4.0. Download the full ledger.
Every deal for CoreWeave and Applied Digital.