Cloud computing provider CoreWeave announced Friday a new multi-year partnership with artificial intelligence company Anthropic, boosting the firm’s stock price by more than 5% during early trading sessions.
The agreement will provide Anthropic with essential computing infrastructure to support its Claude AI model operations, with services expected to launch later this year. Financial details of the contract remain undisclosed.
Company officials said the collaboration will begin with a gradual infrastructure deployment, leaving room for potential expansion down the road.
This latest partnership adds to CoreWeave’s growing portfolio of high-profile clients, reflecting increased demand for computing resources needed to develop and operate artificial intelligence systems. The company secured an $11.9 billion agreement with OpenAI in 2023, followed by a $6.3 billion initial contract with Nvidia last September, and expanded its Meta partnership to $21 billion just this week.
The Anthropic agreement helps CoreWeave reduce its dependence on Microsoft, which represented approximately 67% of the company’s revenue in the previous year. Meta has also emerged as one of its major clients.
CoreWeave operates as a specialized cloud provider, offering hardware and computing services to technology companies. Its strong relationship with Nvidia has positioned the firm as a crucial supplier of advanced AI processing chips that major tech corporations need for their operations.
Despite concerns about the company’s rising capital expenditures and project backlogs affecting investor confidence, CoreWeave’s stock has gained nearly 29% year-to-date.
