Applied Digital Just Landed an $11 Billion AI Deal With CoreWeave — Is This the Next Nvidia!

Applied Digital jumped 28% on Friday after reporting stronger-than-expected earnings and announcing a landmark lease expansion with AI hyperscaler CoreWeave. The rally caps off a year-to-date stock surge of 391%, positioning Applied as one of the top-performing infrastructure stocks in 2025. For the quarter ended August 31, the company posted an adjusted net loss of $0.03 per share, dramatically narrower than the $0.16 loss expected by Wall Street. Revenue came in at $64.2 million, topping consensus estimates of $50 million. But the real kicker was CoreWeave’s decision to expand its lease agreement to 400 megawatts at Applied’s Polaris Forge 1 campus in North Dakota—bringing the total contracted value of the partnership to $11 billion over 15 years. This lease fully occupies the site and shifts investor focus from crypto hosting to high-performance AI compute. Management also broke ground on Polaris Forge 2, signaling aggressive scaling ambitions with robust financial backing from Macquarie.