CoreWeave has signed a multi-year agreement with Anthropic to support workloads for the Claude family of AI models.
Summary
- CoreWeave signed a multi-year Anthropic agreement to support Claude AI workloads across its data centers.
- The company said it now serves nine major developers of large language models.
- AI demand is drawing miners away as lower margins pressure traditional Bitcoin mining operations worldwide.
The deal adds another major customer to CoreWeave’s cloud business as the company expands its role in artificial intelligence infrastructure.
CoreWeave said Anthropic will use its cloud data centers to run AI workloads tied to Claude models. The company added that the agreement will roll out in phases and may grow over time as demand increases.
The announcement gave investors a fresh look at CoreWeave’s position in the AI sector. The company said the new agreement means it now serves nine of the 10 major developers of large language models.
CoreWeave shares rose more than 10% on Friday after the company announced the deal. The stock traded at around $102 at press time, showing a strong reaction from investors to the latest customer win.
The agreement came shortly after CoreWeave completed an $8.5 billion capital raise led by Meta Platforms. The financing was tied to deployed computing capacity and expected cash flows rather than graphics processing unit hardware, marking a different structure from older crypto mining funding models.
Moreover, CoreWeave shifted away from crypto mining and rebranded as an AI infrastructure company in 2019. The change came after mining economics weakened following the 2018 crypto market downturn.
That transition has become more relevant as more mining firms look at AI workloads for new revenue. Rising energy costs, lower block rewards, and weaker crypto prices have continued to pressure Bitcoin miners.
AI demand draws attention from miners
CoinShares said up to 20% of Bitcoin miners are now unprofitable in the current market. The report shows how tighter margins have made traditional mining harder to sustain for many operators.
Some firms are now looking to AI computing as a stronger use of power and hardware. Market analyst Ran Neuner noted,
”Both industries compete for the same thing: electricity, and right now, AI is willing to pay much more for it.”
His comment reflects a wider shift as miners weigh whether AI can offer steadier returns than crypto mining.
