A data-center stock is up more than 50% today after sealing a lucrative AI partnership.Is APLD a good stock to buy?Is Applied Digital a publicly traded company?

Applied Digital Corporation (NASDAQ: APLD) experienced a significant surge in its stock price on June 2, 2025, climbing as much as 54% during the day and closing 48% higher at $10.14. This remarkable increase followed the announcement of a substantial partnership with CoreWeave, a cloud services firm backed by Nvidia.

The agreement involves two 15-year lease contracts in which CoreWeave will utilize 250 megawatts of data center capacity at Applied Digital’s Ellendale, North Dakota, campus. The deal is projected to generate approximately $7 billion in revenue over its duration. Additionally, CoreWeave can expand its usage by an extra 150 megawatts. This partnership is a strategic move for Applied Digital as it transitions into a data center real estate investment trust (REIT), positioning itself as a key infrastructure provider for artificial intelligence and high-performance computing. 

CoreWeave specializes in providing access to AI-optimized data centers equipped with Nvidia chips, facilitating the development of AI models. The company has been expanding rapidly, with significant investments and partnerships, including a $4 billion deal with OpenAI. 

This development underscores the growing demand for AI-focused data center infrastructure and highlights Applied Digital’s emerging role in this expanding market.