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.
