Backblaze signs $335M, 5-year storage deal with CoreWeave

Backblaze just landed a $335 million, five-year storage contract with CoreWeave, the AI cloud company that has been on an infrastructure spending spree that would make a sovereign wealth fund blush.

The deal positions Backblaze’s B2 cloud storage as a core piece of CoreWeave’s data management stack. For a company that reported $38.7 million in quarterly revenue in Q1 2026, a contract worth $335 million over five years represents a transformative commitment, one that essentially guarantees a massive, predictable revenue stream from a single customer.

The economics of AI storage

Backblaze B2 has built its reputation on being the budget-friendly alternative to Amazon S3. The company claims roughly 80% cost savings compared to S3. Zero egress fees between the two platforms, meaning customers don’t get hit with charges for moving data back and forth, sweeten the arrangement considerably.

The two companies aren’t strangers. CoreWeave listed Backblaze B2 as a recommended data store back in October 2023. CoreWeave also launched its own AI Object Storage product in October 2025, designed for local, high-performance use cases. The Backblaze deal appears to complement that offering rather than compete with it, with CoreWeave handling hot storage close to GPUs while Backblaze provides scalable, long-term storage.

CoreWeave’s spending machine

The company closed a $3.1 billion HPC-backed loan facility on May 18, 2026. It has also signed a massive multibillion-dollar deal with Anthropic, the AI safety company behind Claude.

Backblaze’s own numbers reflect this positioning. The company reported a 76% year-over-year jump in AI customer acquisition as of May 2026. Revenue hit $38.7 million in Q1 2026, representing a 12% increase year-over-year.

What this means for investors

The $335 million figure is worth putting in context. Annualized, that’s $67 million per year in guaranteed revenue from a single customer. Compare that to Backblaze’s current run rate of roughly $155 million annually based on its Q1 numbers. In plain English: this one contract could account for more than 40% of the company’s total revenue once it’s fully ramping.

That kind of customer concentration is a double-edged sword. On one hand, it provides the revenue visibility that Wall Street loves. On the other, it creates significant dependency risk. If CoreWeave were to hit financial trouble, scale back operations, or shift storage strategies, Backblaze would feel the impact acutely.

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