Applied Digital Just Sold North Dakota to AI… Nvidia’s Little Brother Gets the Deed…

If you thought North Dakota was just wheat, windmills, and people hiding from their exes… well, you’re wrong. Instead, it’s now set to be one of the new hubs feeding AI’s insatiable demand for the good “stuff” as Applied Digital just bulldozed itself into the Peace Garden State with enough data center capacity to fry a moose at 500 yards. We’re talking about a 250-megawatt AI data center lease… delivered straight into the hands of CoreWeave, a.k.a. the same company that’s been inhaling Nvidia GPUs like they’re Pringles. 

(Source: Giphy) 

In short, this is a BFD. How big? Try $7 billion in revenue over fifteen years. For instance, Applied Digital just signed two, count ‘em, two 15-year leases with CoreWeave for its Ellendale, North Dakota campus. CoreWeave’s getting 250MW of “critical IT load”... which translates to “enough juice to run a sentient TikTok algorithm or power every Xbox in Minnesota simultaneously.” Bonus points: CoreWeave can tack on another 150MW if they feel like it, because apparently the only limit here is how fast you can pour concrete and bribe local grid operators with donuts (seriously). 

But, but, but… this ain’t all GPU racks and Nvidia sloppy seconds. No sir. Applied Digital’s Ellendale campus is designed to scale up to a gigawatt… instantly giving me “they’re legit building the Matrix” thoughts. The first 100MW block will be spinning up by late 2025, another 150MW hits mid-2026, and if CoreWeave exercises their option, a third 150MW unit goes live in 2027… that is, assuming AI hasn’t already killed us all off yet. 

(Source: Investing.com) 

For investors, this comes off the heels as Applied Digital is racking up “impressive” 53.7% topline growth. The only problem? They’re still bleeding cash. They’re carrying a massive debt load to the tune of $933 million, and their old Cloud Services business has been taken behind the barn and shot. And yet, JMP Securities and Citizens JMP are still pounding the “Market Outperform” table with $12 targets. Meanwhile, Craig-Hallum and Cantor Fitzgerald have already started their hedging by whacking price targets from $14 to $7 at Cantor. Translation: Confidence is still high, but don’t hold your breath. 

In the end, this deal is a moonshot. If AI demand keeps going vertical, Applied Digital’s Ellendale campus is going to be the hottest thing in North Dakota since… well, ever. If power costs spike, debt chokes them out, or AI workloads don’t scale as advertised, you’ll be explaining to your grandkids how you once lost money betting on a data center in a state most people can’t find on a map. 

(Source: Giphy) 

Meaning, for now, Ellendale’s the biggest thing in North Dakota besides regret and the world’s largest buffalo statue. And as for CoreWeave and Applied Digital… they’ve just clinched their license to print money. Of course, do what you will with this information and place your bets accordingly on the matter. Until next time, friends…

P.S. $27K to feel like a big shot?

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Stocks.News does not hold positions in companies mentioned in the article.