Lowenstein Sandler represented its long term client Applied Digital (NASDAQ:APLD), a designer, builder, and operator of next-generation digital infrastructure for High Performance Computing (“HPC”) applications, in the closing of two long-term lease agreements with CoreWeave (NASDAQ:CRWV) for artificial intelligence data centers.
Under the deals, Applied Digital expects roughly $7 billion in rental revenue over an approximately 15-year term.
CoreWeave will deploy AI and high-performance computing hardware at Applied Digital's new data center campus in Ellendale, North Dakota.
Lowenstein has represented Applied Digital in numerous significant transactions, including most recently:
- a $150 million convertible preferred equity facility to advance the development of its Ellendale multi-building HPC data center campus
- closing a $375 million financing with SMBC
- an agreement to enter into a $5 billion perpetual preferred equity financing facility, with investment vehicles of funds managed by Macquarie Asset Management (MAM), a global asset manager, for its HPC business conducted through APLD HPC Holdings LLC (APLDH)
The Lowenstein team included Steven E. Siesser, Brooke A. Gillar, Daniel A. Suckerman, James O’Grady, Marianna Shelenkova, Emily Jewell, Donna Calia, Bonnie Schipper, and Billy Fausto Michaca.
