CoreWeave, a publicly traded AI cloud infrastructure company, on Friday announced a “multi-year” agreement with AI developer Anthropic, which will use CoreWeave’s cloud computing data centers for its Claude AI model workloads.
The deal will be rolled out in stages, with the “potential for expansion over time,” according to CoreWeave. announcement.
Shares of CoreWeave jumped more than 12% on Friday and are trading at $102.73 at the time of writing.
The deal follows the recent CoreWeave deal Capital increase of 8.5 billion dollarsled by tech giant Meta Platforms.
Funding was secured by CoreWeave’s deployed computing capacity, which is tied to predictable cash flows, rather than its graphics processing unit hardware, marking a notable departure from traditional crypto mining funding structures.
CoreWeave has moved away from crypto mining and renamed AI infrastructure company in 2019, as the mining sector faced prolonged economic pressure following the crypto market downturn in 2018.
Related: Core Scientific Secures Up to $1 Billion Data Center Credit from Morgan Stanley
AI continues to push miners away as economic headwinds hamper crypto industry
Bitcoin (BTC) miners are grappling with rising energy costs, reduced rewards, and falling crypto asset prices, leading many to repurpose their mining hardware for AI processing.
Until 20% of Bitcoin miners are unprofitable in the current economic environment, according to the latest mining report from asset manager CoinShares.
Crypto miners must generate returns on their assets by deploying their crypto on decentralized finance (DeFi) platforms to shore up declining revenues, according to market maker Wintermute.
The mining industry’s economic challenges worsened after the October 2025 stock market crash, which sent BTC falling from a high of around $126,000 to a low of $60,000. Prices have since stabilized around $73,000.
High Mining Costs and Shrinking Profit Margins threaten the viability of Bitcoin miningwith AI workloads becoming much more attractive in this environment, according to market analyst Ran Neuner.
“Both sectors are competing for the same thing: electricity, and right now AI is willing to pay a lot more for that,” he said. said.
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