CoreWeave’s (CRWV) stock surged 25% on Tuesday and climbing another 5% pre-market, bringing its year-to-date gains to a staggering 276%, following news of a $7 billion infrastructure deal with Applied Digital.

CoreWeave and Applied Digital have signed two long-term lease agreements for artificial intelligence data centers, according to a release. Shares of Nvidia-backed CoreWeave climbed more than 7%, while Applied Digital shares rose more than 40%.

Under the twin agreements announced on 2 June, Applied Digital will deliver 250 MW of critical IT load to host CoreWeave’s GPU clusters. The first 100 MW hall should come online in the fourth quarter of 2025, and the second 150 MW hall is slated for mid-2026. CoreWeave also retains an option for another 150 MW if demand stays red-hot.