CoreWeave, the publicly traded AI cloud infrastructure provider, has agreed to host Anthropic’s Claude model workloads under a multi-year, phased arrangement that could widen over time. CoreWeave said Anthropic will run Claude in its data centers, with deployment happening in stages.
Following the announcement, CoreWeave shares climbed more than 12%, trading at $102.73 at the time of the report.
The partnership comes after CoreWeave’s recent $8.5 billion capital raise led by Meta Platforms. That financing was secured against CoreWeave’s deployed computing capacity—relying on predictable cash flows—instead of the company’s GPU hardware, signaling a financing approach different from traditional crypto-mining deals.
CoreWeave left crypto mining and repositioned itself as an AI infrastructure firm in 2019 after the mining downturn that followed the 2018 crypto market slump. Industry shifts and economics are pushing some mining operators to pivot as well: rising energy costs, smaller mining rewards and softer crypto prices have squeezed miner profitability.
Asset manager CoinShares has estimated that as many as 20% of Bitcoin miners are currently unprofitable. To offset falling returns, some miners are moving assets into decentralized finance (DeFi) strategies to generate yield, while others are exploring new revenue streams such as hosting AI workloads.
The mining sector’s challenges intensified after the October 2025 market crash that drove Bitcoin from roughly $126,000 down into the low $60,000s; prices later stabilized near $73,000. Market analysts, including Ran Neuner, note that Bitcoin mining and AI infrastructure compete for the same electricity supply, and AI workloads can often afford higher power costs, making them an attractive alternative for operators with data-center assets.
This agreement between Anthropic and CoreWeave highlights growing demand for specialized cloud capacity to run large AI models, and underscores how capital markets and energy economics are reshaping who supplies that capacity.
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