Backblaze Inc. (NASDAQ:BLZE) shares are trading higher Tuesday after the company announced a five-year, $335 million multi-exabyte data storage agreement with CoreWeave Inc. (NASDAQ:CRWV).

The Deal

Under the agreement, Backblaze will provide cost-efficient HDD-based storage capacity that supports portions of CoreWeave’s managed storage infrastructure, helping optimize data placement across performance tiers while preserving high-performance storage resources for AI workloads.

The Backblaze technology supports HDD-based storage tiers in CoreWeave AI Object Storage, and customers already utilizing CoreWeave AI Object Storage will immediately have access to new service tiers without any code modifications.

“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 of Backblaze. “This collaboration demonstrates how our platform can help organizations meet growing infrastructure demands.”

Why It Matters

The $335 million agreement represents a meaningful revenue commitment for Backblaze, which serves more than 100,000 customers worldwide. CoreWeave serves nine of the top ten AI model providers and is one of the fastest-growing AI cloud platforms in the world—making the partnership a significant validation of Backblaze’s enterprise storage capabilities and its positioning as a cloud storage platform for the AI era.

Every stage of the AI lifecycle—training, inference, checkpointing, data preparation, model outputs, and retrieval-augmented generation—requires storage that performs at the speed and scale modern AI demands. The deal positions Backblaze directly at the center of that infrastructure buildout.

“Backblaze has built a reputation for making complex, HDD-based storage infrastructure reliable and easy-to-consume at scale,” said Nick Hoover, Vice President at CoreWeave. “We’re pleased to work with them as we continue expanding our platform and managed service offerings to support AI workloads at scale.”

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Backblaze Shares Trade Higher

BLZE Price Action: At the time of publication, Backblaze shares are trading 32.02% higher at $10.72, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.