Cloud infrastructure provider CoreWeave said on Friday it has entered a multi-year arrangement to deliver cloud computing capacity to Anthropic, the AI startup behind the Claude family of models. The companies said the financial terms of the agreement were not disclosed. CoreWeave's shares rose by more than 5% in premarket trading following the announcement.
The pact is intended to bring computing capacity for Anthropic online later this year, with the companies noting an initial phased infrastructure rollout and the potential to expand the relationship in the future. The capacity will be used to run workloads for the Claude family of AI models.
This agreement is the latest in a series of large contracts CoreWeave has secured amid surging demand for the computing power required to develop and operate AI models. Recent transactions cited by the company include an $11.9 billion deal with OpenAI last year, a $6.3 billion initial order with Nvidia in September and an expanded $21 billion agreement with Meta announced on Thursday.
Beyond driving near-term revenue growth, the Anthropic deal further diversifies CoreWeave's customer base. Microsoft represented about 67% of CoreWeave's revenue last year, and Meta has become one of the company's largest customers following recent deals. The Anthropic agreement adds another significant AI-focused client to CoreWeave's roster.
CoreWeave positions itself as a "neocloud" operator, offering hardware and cloud capacity as services to other technology companies. The company's close relationship with Nvidia has established it as a key supplier of advanced AI chips that are sought by large AI and tech firms.
Shares of CoreWeave have climbed nearly 29% so far this year. That rise has occurred even as investors weigh the company's rapid increase in capital spending and potential backlog-related risks, which have at times dampened sentiment.
Summary
CoreWeave will supply Anthropic with cloud capacity under a multi-year agreement, with capacity expected to come online later this year. Financial terms were not disclosed. The phased rollout could expand over time. The deal adds to a series of large contracts for CoreWeave amid growing demand for AI compute, while helping the company diversify revenue away from a heavy concentration in Microsoft.
Key Points
- CoreWeave signed a multi-year deal to provide Anthropic with cloud computing capacity to run Claude models; terms were not disclosed.
- The partnership begins with a phased rollout planned for later this year and may expand in the future, reflecting surging demand in the AI and cloud infrastructure sectors.
- The agreement adds to recent large contracts CoreWeave has secured, including with OpenAI, Nvidia and Meta, and supports revenue diversification beyond Microsoft, which accounted for about 67% of revenue last year.
Risks and Uncertainties
- Financial terms of the Anthropic agreement were not disclosed, leaving the immediate revenue impact unclear - relevant to investors and financial markets.
- CoreWeave's rapid increase in capital spending and potential backlog risks have dented investor sentiment - a concern for equity markets and corporate finance.
- High revenue concentration with Microsoft, which made up about 67% of revenue last year, presents customer-concentration risk despite recent diversification efforts involving Meta and Anthropic - relevant to revenue stability and investor risk assessment.