CoreWeave inks multi‑year deal with Anthropic as AI demand boosts cloud business
CoreWeave has landed a multi‑year agreement with Anthropic to host workloads for the Claude family of AI models, a move that underscores the company’s expanding role in AI infrastructure and adds another marquee customer to its cloud roster. The collaboration will be phased in and could scale up as demand for Claude increases.
The deal reinforces CoreWeave’s growing footprint in the large‑language‑model (LLM) ecosystem: the company says it now supports nine of the 10 major LLM developers. Investors liked the news — CoreWeave shares jumped more than 10% on Friday and were trading around $102 at press time.
This customer win follows a recent $8.5 billion capital raise led by Meta Platforms. That financing was structured around deployed computing capacity and projected cash flows rather than solely tied to GPU hardware, a departure from older crypto‑mining funding models.
CoreWeave’s current trajectory is the result of a strategic pivot. The company abandoned crypto mining and rebranded as an AI infrastructure provider in 2019 after mining economics deteriorated following the 2018 crypto crash. That shift now looks prescient as many former mining outfits explore AI workloads for more reliable revenue amid tougher conditions in crypto.
Industry pressures are mounting for miners: a CoinShares report finds up to 20% of Bitcoin miners are currently unprofitable, driven by higher energy costs, lower block rewards and softer crypto prices. Some operators are evaluating AI computing as an alternative use for their power and hardware. As market analyst Ran Neuner put it, “Both industries compete for the same thing: electricity, and right now, AI is willing to pay much more for it.”
The Anthropic deal not only highlights CoreWeave’s role supplying AI compute but also illustrates the broader market pivot as cloud and AI demand reshape where capital and electricity flow in the crypto and infrastructure sectors.
Read more AI-generated news on: undefined/news
