CoreWeave shares rose sharply on April 10 after the company announced a multi-year cloud agreement with Anthropic. The AI infrastructure provider said Anthropic will use its platform to support the development and deployment of the Claude family of AI models.
Company stock gained more than 10 percent during Friday trading after the announcement. The move came as investors responded to another large customer win for CoreWeave, which has been expanding its role in the fast-growing AI cloud market.
Anthropic agreement lifts CoreWeave shares
CoreWeave said the agreement with Anthropic will roll out in phases, with compute capacity expected to come online later in 2026. The company added that the deal may expand over time as Anthropic scales production workloads for its AI models.
“AI is no longer just about infrastructure, it’s about the platforms that turn models into real-world impact,” noted Chief Executive Michael Intrator. “We’re excited to work with Anthropic at the center of where models are put to work and performance in production shows up.”
The company said the Anthropic deal means nine of the 10 leading AI model providers now use CoreWeave’s platform. That statement reflects CoreWeave’s effort to position itself as a major supplier of cloud infrastructure built for large-scale AI training and inference.
Anthropic said it will use CoreWeave’s platform for production-scale workloads tied to Claude models. The agreement adds another infrastructure partner to Anthropic’s network as the company seeks more computing capacity to support demand from developers, startups, and enterprise users.
CoreWeave expands its AI customer base
The Anthropic deal follows a series of large agreements that have increased CoreWeave’s presence in the AI sector.
Reuters reported that the company signed an $11.9 billion deal with OpenAI last year, a $6.3 billion initial order with Nvidia in September, and an expanded $21 billion deal with Meta on April 9.
Last November, CoreWeave also disclosed through a Form 8-K filing that it has a deal with Meta worth up to $14.2 billion through 2031, with options to extend further. Under that arrangement, Meta will gain access to advanced systems, including Nvidia GB300 hardware, to support AI model training and deployment.
The new Anthropic agreement may also reduce CoreWeave’s dependence on a small number of customers. Microsoft accounted for about 67 percent of CoreWeave’s revenue last year. Meta has also become one of its largest customers as the company broadens its commercial base.
Anthropic has been working to secure more AI capacity from other providers. Reuters reported earlier this week that the company signed a deal with Broadcom and Google for AI infrastructure.
Moreover, Anthropic has explored the possibility of designing its own chips as it looks for more control over long-term computing supply.
From crypto mining to AI infrastructure
CoreWeave started as a company tied to crypto mining before shifting its focus to AI infrastructure in 2019. That move came after the 2018 crypto market downturn created pressure across the mining sector and forced many operators to rethink their business models.
The company’s transition has become more relevant as many Bitcoin miners face weaker margins. According to CoinShares, up to 20 percent of Bitcoin miners are unprofitable in the current environment.
Rising energy costs, lower rewards, and weaker crypto prices have pushed some firms to repurpose hardware for AI-related work.
CoreWeave’s business model now differs from traditional mining-linked financing. Its recent $8.5 billion capital raise, led by Meta Platforms, was backed by deployed computing capacity tied to expected cash flows rather than GPU hardware.
That structure marked a change from older crypto-linked funding models that focused more directly on equipment value.
The company’s pivot has also set it apart from firms still tied closely to Bitcoin mining economics. While some operators remain exposed to price swings in the crypto market, CoreWeave has built its recent growth around long-term AI contracts and large infrastructure deployments.
Market demand keeps AI data centers in focus
The demand for AI computing power has lifted interest in cloud providers that can supply advanced chips and data center capacity at scale.
CoreWeave, often described as a neocloud provider, offers hardware and cloud services to large AI developers and technology firms that need high-performance computing without building all infrastructure in-house.
CoreWeave said its platform delivers strong performance through a full technology stack designed for AI workloads. The company pointed to its results in MLPerf benchmarks and said it remains the only AI cloud provider to receive Platinum rankings in both SemiAnalysis ClusterMAX 1.0 and 2.0.
Its close relationship with Nvidia has also supported that growth. As we reported in January, Nvidia said it had invested a total of $2 billion in CoreWeave as part of a broader effort to help build AI factories with a target of 5 gigawatts by 2030.
At the same time, some of CoreWeave’s earlier expansion plans have faced setbacks. In November 2025, the company’s proposed all-stock acquisition of Core Scientific, valued at about $9 billion, ended after Core Scientific shareholders rejected the deal.