TLDR
- CoreWeave stock jumped 19% to hit an all-time high of $144.80 after signing a 250MW data center leasing deal with Applied Digital
- The stock has surged 248% in 2025 since its March IPO at $40 per share, driven by AI infrastructure demand
- CoreWeave now has nearly 2GW of contracted power capacity across 33 data centers in the US and Europe
- Microsoft remains the biggest customer while a new five-year OpenAI deal commits $11.9 billion in payments
- Barclays maintained an Equalweight rating with $100 price target despite the recent power expansion deal
CoreWeave stock rocketed to new heights Tuesday, climbing 19% to reach an all-time high of $144.80. The surge came after the AI infrastructure company announced a long-term data center leasing agreement with Applied Digital.
The cloud computing provider has been on a tear since going public in March. Shares priced at $40 during the IPO have now gained 248% year-to-date as investors pile into AI infrastructure plays.
Power Capacity Expansion Drives Growth
The latest deal with Applied Digital adds 250 megawatts of power capacity to CoreWeave’s growing portfolio. This brings the company’s total contracted power to nearly 2 gigawatts across its network of 33 data centers.
Applied Digital $APLD Signs $7 Billion Data Center Leases With CoreWeave $CRWV: Applied Digital (APLD) secured two datacenter leases with CoreWeave totaling $7 billion over 15 years for its Ellendale campus. Simultaneously, APLD granted CoreWeave warrants for over 13 million… pic.twitter.com/YIzaa7SU1P
— BOLLWERK AI (@BollwerkAI) June 2, 2025
CoreWeave has been aggressively expanding since its public debut. The company secured approximately 700MW of new contracted power since filing its S-1 registration in March.
Previous agreements with Galaxy Digital and Core Scientific contributed around 470MW of additional capacity. Only about 420MW was active as of the first quarter, leaving plenty of room for future growth.
The Ellendale data center campus deal spans roughly 15 years. Applied Digital expects to generate about $7 billion in revenue from the CoreWeave leases over that period.
CoreWeave operates data centers specifically designed for AI workloads. The company rents Nvidia-equipped servers to AI model builders and app developers who need massive computing power.
Customer Base and Financial Performance
Microsoft serves as CoreWeave’s largest customer currently. The company recently locked in a major five-year contract with OpenAI worth $11.9 billion in committed payments.
Revenue exploded 420% to $981 million in CoreWeave’s first quarter as a public company. The growth reflects surging demand for AI computing infrastructure across the industry.
Capital spending plans call for a 53% increase to roughly $21.5 billion in 2025. This investment will support the company’s rapid expansion into new markets and facilities.
Nvidia maintains a 7% stake in CoreWeave as a strategic partner. The chip giant’s stock also gained over 3% Tuesday, reaching $141.78 on the positive CoreWeave news.
CoreWeave competes with emerging cloud vendors like Crusoe, Lambda, Nebius Group, Vultr and DigitalOcean Holdings. The company’s technical rating stands at 99 out of 99 for relative strength.
Barclays analysts maintained their Equalweight rating and $100 price target following the Applied Digital announcement. They view the power expansion deal as positive for meeting AI application demand.
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