Anthropic secures multi-year cloud computing partnership with CoreWeave for AI operations
The cloud infrastructure provider now counts nine out of the ten leading artificial intelligence large language model developers among its client base.
On Friday, CoreWeave, an AI cloud infrastructure provider that is publicly listed, revealed a multi-year partnership agreement with Anthropic, an artificial intelligence development company. Under this arrangement, Anthropic will leverage CoreWeave's cloud computing facilities to handle workloads for its Claude AI model platform.
According to CoreWeave's public statement, the partnership will be implemented through multiple phases, offering the possibility for expansion as time progresses.
Following the announcement on Friday, CoreWeave's stock price jumped by over 12%, with shares valued at $102.73 as of the current trading session.
This partnership announcement comes on the heels of CoreWeave's substantial $8.5 billion capital raise, which was spearheaded by technology giant Meta Platforms.
The structure of this financing arrangement used CoreWeave's operational computing capacity as collateral, which generates predictable revenue streams, instead of relying on its graphics processing unit equipment. This represents a significant shift from the conventional financing approaches used in the cryptocurrency mining industry.
In 2019, CoreWeave shifted its business focus away from cryptocurrency mining operations and repositioned itself as an artificial intelligence infrastructure provider, a move prompted by sustained economic challenges in the mining sector that followed the 2018 cryptocurrency market collapse.
AI continues to draw miners away as economic headwinds hamper the crypto industry
Operators of Bitcoin (BTC) mining facilities are grappling with increasing electricity expenses, diminished mining rewards, and falling cryptocurrency valuations, prompting numerous operators to redirect their mining infrastructure toward artificial intelligence computational tasks.
According to the most recent mining industry analysis from asset management firm CoinShares, approximately 20% of Bitcoin mining operations are currently operating at a loss in today's economic climate.
According to market maker Wintermute, cryptocurrency mining companies need to generate returns on their digital assets by utilizing decentralized finance (DeFi) protocols to compensate for falling revenue streams.
Economic difficulties within the mining sector intensified following the market collapse in October 2025, during which BTC plummeted from approximately $126,000 to the lower $60,000 price range. Since that downturn, prices have found stability in the vicinity of $73,000.
According to market analyst Ran Neuner, the elevated operational costs combined with diminishing profitability margins pose a serious threat to the sustainability of Bitcoin mining operations, making artificial intelligence computational work significantly more appealing under current market conditions.
Both industries compete for the same thing: electricity, and right now, AI is willing to pay much more for it.
Ran Neuner, market analyst