CoreWeave’s (CRWV) shares jumped by over 4% on Friday morning after the AI cloud company announced its new multi-year partnership with top AI startup Anthropic.
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The New Jersey-based company will help to “scale the adoption of Anthropic’s AI models across developers, startups, and enterprises worldwide.” CoreWeave noted that the partnership means nine of the 10 leading AI model developers now rely on its cloud infrastructure for their AI efforts.
The new deal — whose monetary value was not disclosed — marks a major win for CoreWeave, whose shares have experienced significant volatility this year amid concerns about the neo-cloud company’s ability to meet customer demand. The unveiling of the new deal comes a day after CoreWeave also revealed its expanded $21 billion AI infrastructure deal with tech giant Meta (META).
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In a statement, CoreWeave noted it will work with Anthropic to ready online cloud computing capacity later this year. The capacity is aimed at supporting the development and deployment of models in Anthropic’s flagship Claude AI system.
“Under the agreement, Anthropic will use CoreWeave’s cloud platform to run workloads at production scale while benefiting from its industry-leading performance and reliability,” CoreWeave noted in a statement.
The company further noted that the deal will initially focus on incremental infrastructure rollout but could expand over time.
For Anthropic, the partnership represents the startup’s latest effort to significantly boost its infrastructure base. Earlier this week, the AI firm entered a deal with Alphabet’s (GOOGL) Google and chipmaker Broadcom (AVGO), securing access to 3.5 gigawatts of computing power starting in 2027.
Is CoreWeave a Good Buy?
On Wall Street, analysts currently have a Moderate Buy consensus rating on CoreWeave’s shares. This is based on 13 Buys, eight Holds, and one Sell assigned by 22 analysts over the past three months.
However, the average CRWV price target of $115.10 suggests about 25% upside from current trading levels.
