Applied Digital announces a 15-year, 400MW HPC hosting deal with CoreWeave worth $11 billion, positioning it among top bitcoin miners pivoting to AI. The company has fully transitioned to hosting services. We analyze the deal, financing, and valuation.
Applied Digital (APLD) signed a 15-year, 400 MW HPC hosting agreement with CoreWeave worth $11 billion in total revenue, joining the ranks of Core Scientific and TeraWulf. The company has raised over $874 million to fund the buildout and expects first revenues by Q4 2025.
Applied Digital inked an $11B HPC hosting deal with CoreWeave for 400MW across three phases. The company pivoted from self-mining to pure hosting. This article breaks down the deal structure, financials, capital raises, and investment thesis, noting a forward EV/EBITDA of ~11.1x but no direct BTC exposure.
Applied Digital secures a 15-year, $11 billion HPC hosting deal with CoreWeave for 400MW capacity, with first phase online by Q4 2025. The company raised $874.7M to fund construction, positioning itself among top AI infrastructure plays.
While Bitcoin dropped 12% YTD in 2026, top public miners surged 25-73%. Terawulf leads with a 73.58% gain after securing $12.8 billion in HPC contracts, transforming from miners to AI data center operators.
In the first four months of 2026, Bitcoin dropped ~12% while top publicly listed mining stocks surged 25-73%. Terawulf led with 73.58% gains, driven by $12.8 billion in AI/HPC contracts, signaling a sector-wide pivot to AI infrastructure.
In 2026, top Bitcoin mining stocks surged 25-73% YTD while BTC dropped 12%. The divergence is driven by massive AI and HPC contracts. Terawulf gained 73% after securing $12.8B in committed revenues from hyperscalers.
Bitcoin fell about 12% in early 2026, but major listed miners rose sharply as investors rewarded AI and HPC infrastructure contracts over pure mining exposure.
