Key Points
CoreWeave just added Anthropic as a customer.
The deal comes at a time when Anthropic is establishing itself as the leading AI model company.
CoreWeave now counts nine of the 10 leading AI model providers as customers.
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One day after climbing on news of a $21 billion deal with Meta Platforms, CoreWeave (NASDAQ: CRWV) was surging today after it added Anthropic to its customer roster.
CoreWeave announced a multi-year agreement with the fast-growing AI start-up to bring compute online later this year.
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As a result, CoreWeave stock was up 14% on the news as of 11:24 a.m. ET, surging through the morning.
Image source: Getty Images.
What the Anthropic deal means for CoreWeave
CoreWeave didn't reveal a dollar value in the press release, but Anthropic may be the most attractive AI partner right now as it's announcing new products and models that are sending shockwaves through the tech sector and have pushed software stocks into a bear market.
Anthropic is also a new partner for CoreWeave, and the deal comes at a time when the AI infrastructure company is trying to diversify its customer base and reduce its customer concentration risk. With the Anthropic signing, CoreWeave now has nine of the 10 leading AI model providers on its platform.
Finally, the deal further establishes CoreWeave as the leader in the so-called "neocloud" industry, which includes the smaller Nebius and other dedicated AI infrastructure providers.
What's next for CoreWeave
CoreWeave has been highly volatile since the company went public a little more than a year ago. The company is growing rapidly, but is also generating large losses. Its business model is unproven as it evolved to this point by pivoting from crypto to renting computing power as the AI boom picked up steam.
Overall, nabbing Anthropic is a clear win for the company and shows investors that the top AI companies are relying on CoreWeave for compute. CoreWeave stock is risky, but it also has a lot of upside potential.
Should you buy stock in CoreWeave right now?
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Jeremy Bowman has positions in CoreWeave and Meta Platforms. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
