Backblaze Signs $335M Agreement with CoreWeave
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 hours ago
0mins
Backblaze (BLZE) announced an agreement with CoreWeave (CRWV). Under the multi-exabyte, $335M agreement, Backblaze will provide cost-efficient storage capacity that supports portions of CoreWeave's managed storage infrastructure, helping optimize placement of data across performance tiers while preserving high-performance storage resources for the demands of AI workloads. The Backblaze technology supports HDD-based storage tiers in CoreWeave AI Object Storage. Customers already utilizing CoreWeave AI Object Storage with its patented LOTA distributed cache will immediately have access to new service tiers without any code modifications.
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Analyst Views on BLZE
Wall Street analysts forecast BLZE stock price to rise
6 Analyst Rating
6 Buy
0 Hold
0 Sell
Strong Buy
Current: 8.120
Low
8.00
Averages
9.50
High
11.00
Current: 8.120
Low
8.00
Averages
9.50
High
11.00
About BLZE
Backblaze, Inc. is a cloud storage company. The Company's two cloud services that it offers on its Storage Cloud are: Backblaze B2 Cloud Storage and Backblaze Computer Backup. Backblaze B2 Cloud Storage enables customers to store data, developers to build applications, and partners to expand their use cases. The amount of data stored in this cloud service can scale up and down as needed on a pay-as-you-go basis, or can be paid for on a capacity basis or committed contract for greater predictability. This Infrastructure-as-a-Service enables use cases including backups, multi-cloud, application storage, ransomware protection, and storage for artificial intelligence/machine learning workflows. Backblaze Computer Backup automatically backs up data from laptops and desktops for businesses and individuals. This service is offered as a subscription-based Software-as-a-Service and serves use cases including computer backup, ransomware protection, theft and loss protection, and remote access.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Investor Focus on Data Release: The company expects to report NEO100-01 Phase 2a clinical data by the end of July 2026, and positive results could support discussions for additional regulatory pathways, enhancing market confidence in its product pipeline.
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See More
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- Deal Value: Backblaze has secured a five-year deal worth $335 million with CoreWeave to enhance its managed storage infrastructure, which is crucial for optimizing data placement across performance tiers, thereby significantly boosting Backblaze's competitive edge in the AI storage market.
- Stock Reaction: Following the announcement, Backblaze's shares surged 30% in early trading on Tuesday, reflecting strong market confidence in its growth potential, while CoreWeave's shares dipped about 2%, indicating a more cautious investor sentiment regarding its future outlook.
- Market Opportunity: Backblaze estimates a $14 billion opportunity in the neocloud storage market by 2030, having engaged with most top neoclouds and signed multiple six-, seven-, and eight-figure deals, showcasing its robust positioning in the rapidly growing AI-driven infrastructure sector.
- Industry Context: As AI workloads increasingly demand efficient storage solutions, Backblaze's HDD-based storage infrastructure is deemed foundational for AI workflows, with CEO Gleb Budman emphasizing the critical role of storage in AI computing, further solidifying its market position.
See More
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- Surge in Market Demand: As artificial intelligence is increasingly adopted across industries, the global AI data center market is projected to reach $810.6 billion by 2033, with a compound annual growth rate of 23.9%, indicating that cloud platforms will continue to drive market growth and reflecting the urgent need for storage solutions.
- Positive Stock Market Reaction: Following the agreement, Backblaze's shares surged 25%, on track for their highest level in nearly seven months, demonstrating investor confidence in its potential within the rapidly growing AI cloud storage market.
- Seamless Code Expansion: Current CoreWeave AI Object Storage customers can immediately utilize the expanded storage services without any code updates, enhancing customer experience and strengthening market competitiveness through this seamless integration.
See More
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- Strategic Partnership: Backblaze has entered into a $335 million agreement with CoreWeave to provide cost-efficient storage capacity for CoreWeave's managed storage infrastructure, optimizing data placement across performance tiers to meet AI workload demands.
- Storage Technology Support: Backblaze's technology supports HDD storage tiers, allowing customers using CoreWeave's AI Object Storage to access new service tiers without code modifications, significantly enhancing customer experience and service flexibility.
- Market Demand Response: As the AI lifecycle increasingly relies on efficient data storage and movement, Backblaze's solutions will enable businesses to effectively handle tasks such as training, inference, and data preparation, thereby improving overall operational efficiency and competitiveness.
- Customer Base Expansion: Backblaze currently serves over 100,000 customers and, with its extensive experience in operating large-scale storage infrastructure, is further solidifying its leadership position in the AI storage market, which is expected to attract more enterprise clients.
See More
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- JFrog Stock Advice: Jim Cramer advises investors to take some profits on JFrog shares, noting that while software development is a solid business, the current valuation multiple is too high, potentially impacting future earnings.
- Becton Dickinson Investment Opportunity: Cramer highlights that Becton Dickinson's stock is currently at its lowest market level, recommending investors to buy in to capitalize on potential rebound opportunities.
- Banco Santander Market Performance: Despite Banco Santander's recent stock run-up, Cramer suggests investors hold their positions and consider buying if the stock dips back to $10, optimizing their investment strategy.
- Backblaze and Starfighters Space: Cramer expresses limited knowledge about Backblaze and Starfighters Space, refraining from providing specific investment advice, indicating a cautious stance towards these stocks.
See More
Backblaze Appoints New Chief Revenue Officer
- Executive Appointment: Backblaze granted Anuj Kumar, its new Chief Revenue Officer, 316,630 restricted stock units (RSUs) and 105,540 performance-based stock units (PSUs) on May 28, 2026, highlighting the company's recognition of his extensive experience in scaling cloud revenue organizations.
- Incentive Structure: The RSUs will vest 25% after one year, with the remainder vesting quarterly over three years, while the PSUs will vest 33.33% following the release of 2026 earnings, with the rest vesting quarterly over two years, ensuring alignment with company performance.
- Strategic Goals: The Board's performance-based philosophy aims to accelerate B2 Cloud Storage revenue growth, directly impacting shareholder value creation, indicating the company's strategic positioning amid a new phase of infrastructure demand driven by AI adoption.
- Market Impact: Kumar's appointment aligns with Backblaze's go-to-market transformation, expected to enhance the company's competitive edge in high-performance cloud object storage, further expanding its customer base across 175 countries.
See More
