Applied Digital (APLD) said Monday that it has signed two leases for approximately 15 years each with cloud-computing firm CoreWeave (CRWV).

Financial details were not disclosed.

Under the agreements, Applied Digital will provide 250 megawatts to host CoreWeave's artificial intelligence and high-performance computing infrastructure at its data center campus in Ellendale, North Dakota.

The leases are expected to generate about $7 billion in total revenue over the 15-year period, Applied Digital said.

The first 100 MW data center is expected to be ready for service in Q4, while the second, a 150 MW facility, is expected to be up and running by mid-2026. CoreWeave has an option for a third 150 MW building, which is in the planning stages and expected to be ready in 2027, the company said.

Applied Digital shares were 19% higher in premarket trading, while CoreWeave was up 3.8%.