Applied Digital announced a $7 billion, 15-year lease agreement with AI company CoreWeave for two data center facilities in Ellendale, North Dakota. The deal will bring 300-350 full-time jobs to the town of 1,100 residents, with 100 employees expected to live locally.
The facilities will consume 332 megawatts of power combined to run AI operations and cooling systems. Applied Digital’s campus also includes bitcoin mining and plans to expand to 1,000 megawatts total capacity.
Both companies’ stock prices soared after the announcement, with CoreWeave up 22% and Applied Digital up 88%. The town is preparing with new housing construction, including 20 homes and a 34-unit apartment complex, though some residents have concerns about the rapid changes to their small community.
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