CoreWeave vs. Applied Digital: Which AI Data Center Stock Will Make You Richer?
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CoreWeave and Applied Digital are two companies poised to benefit from the growing demand for AI data center capacity. Both companies have shown impressive financial performance, with CoreWeave's revenue surging 168% to over $5.1 billion in 2025 and Applied Digital's revenue increasing 250% year over year in its fiscal 2026 second quarter.
The AI industry is experiencing rapid growth, with Nvidia expecting over $1 trillion in AI chip revenue from 2025 to 2027. CoreWeave and Applied Digital are well-positioned to benefit from this trend. CoreWeave leases and operates AI cloud infrastructure, while Applied Digital builds and leases out data centers. CoreWeave's revenue surged 168% to over $5.1 billion in 2025, with a contracted backlog of $66.8 billion. Applied Digital is developing large-scale data centers, including a 400-megawatt campus leased to CoreWeave. The company has contracted a total of 600 megawatts of capacity, for roughly $16 billion in prospective lease revenue.
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