The company will provide “multi-exabyte” storage while preserving CoreWeave’s high-performance resources for heavy AI workloads.
- Current CoreWeave AI Object Storage customers can immediately utilize the expanded storage services without updating any code, the company said.
- The storage deal comes amid the aggressive build-out of data center campuses across the globe.
- The global AI data center market is projected to reach $810.6 billion by 2033, per a recent study.
Shares of cloud storage firm Backblaze (BLZE) surged on Tuesday after the company struck a $335 million, five-year deal with cloud computing company CoreWeave (CRWV) for storage capacity.
At the time of writing, BLZE stock was up 25%, and on track for its highest level in nearly seven months, if gains hold. However, CRWV was down more than 5% amid a broader tech-stock-led market selloff.
The company will significantly expand CoreWeave’s storage capacity to “multi-exabyte” levels while preserving CoreWeave’s high-performance resources for heavy AI workloads. An exabyte is equivalent to 1 billion gigabytes.
“Storage is the foundation every AI workflow is built on — without it, even the world’s most powerful compute sits idle,” said Gleb Budman, co-founder and CEO, Backblaze. “We’re pleased to work with CoreWeave on elements of their storage environment. This collaboration demonstrates how our platform can help organizations meet growing infrastructure demands.”
Current CoreWeave AI Object Storage customers can immediately utilize the expanded storage services without updating any code, the company said.
As artificial intelligence is increasingly adopted across industries, a never-before-seen surge in demand is being witnessed in sectors including energy, semiconductors, and cloud computing, throwing a wrench in the global supply chain.
To keep AI online, hyperscalers are aggressively pouring hundreds of billions of dollars into building out data center campuses across the globe.
According to a recent study by Grand View Research, the global AI data center market was valued at $147.3 billion in 2025 and is projected to reach $810.6 billion by 2033, expanding at a compound annual growth rate of 23.9% from 2026 to 2033. The report noted that cloud platforms are expected to remain key drivers of growth in this market.
On Stocktwits, retail sentiment on BLZE turned ‘bullish’ from ‘neutral’ over the last 24 hours, amid ‘high’ message volumes.
One user on the platform noted that the need for storage has gone up dramatically with AI.
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Another user wrote: “I think BLZE is at a significant inflection point as it emerges as a legitimate contender in the rapidly growing AI cloud storage market.”
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BLZE stock has surged more than 74% so far this year and nearly 59% over the last 12 months, outperforming the S&P 500.
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