CoreWeave, a publicly traded AI cloud infrastructure company, announced a multi-year agreement with AI developer Anthropic for Anthropic to run Claude AI model workloads in CoreWeave’s cloud computing data centers. The deal will be rolled out in phases and has the potential to expand over time, according to CoreWeave’s announcement.
Shares of CoreWeave rose more than 12% on the news, trading at $102.73 at the time of reporting.
The agreement follows CoreWeave’s recent $8.5 billion capital raise led by Meta Platforms. That financing was collateralized against CoreWeave’s deployed computing capacity—tied to predictable cash flows—rather than its GPU hardware, marking a shift from traditional crypto-mining financing approaches.
CoreWeave shifted away from crypto mining and rebranded as an AI infrastructure company in 2019 after the prolonged downturn in the mining sector following the 2018 crypto market slump.
AI demand is drawing miners away from traditional Bitcoin mining as rising energy costs, reduced rewards and lower crypto prices squeeze profitability. Asset manager CoinShares reported that up to 20% of Bitcoin miners are currently unprofitable. To generate yield, some crypto miners are deploying assets on decentralized finance (DeFi) platforms to offset declining revenues.
The mining industry’s challenges intensified after the October 2025 market crash, which pushed Bitcoin from around $126,000 to the low $60,000s; prices have since stabilized near $73,000. High mining costs and shrinking margins have made AI workloads more attractive, with market analyst Ran Neuner noting both industries compete for electricity and AI is willing to pay more for it.
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