Backblaze Inc. shares rose 30.4% to $10.59 on Tuesday after the company announced a five-year, $335 million multi-exabyte data storage agreement with CoreWeave Inc. The partnership aligns with strong demand for AI infrastructure and establishes Backblaze as a key storage provider for CoreWeave's managed storage environment. This collaboration enables CoreWeave to optimize data placement across performance tiers while preserving high-performance resources for intensive AI tasks.

Under the agreement, Backblaze will supply cost-efficient HDD-based storage capacity that supports portions of CoreWeave’s managed storage infrastructure. The technology specifically supports HDD-based storage tiers within CoreWeave AI Object Storage. Customers utilizing CoreWeave AI Object Storage with its patented LOTA distributed cache will gain immediate access to these new service tiers without requiring code modifications.

Strategic Alignment for AI Workflows

Every stage of the AI lifecycle, including training, inference, checkpointing, data preparation, model outputs, and retrieval-augmented generation, relies on the ability to store and move massive volumes of data efficiently. The integration is designed to ensure storage performs at the speed and scale modern AI demands. Gleb Budman, co-founder and CEO of Backblaze, emphasized that storage is the foundation of every AI workflow, noting that even powerful compute resources sit idle without it.

Market Impact and Operations

The $335 million agreement represents a meaningful revenue commitment for Backblaze, which serves more than 100,000 customers worldwide. CoreWeave's AI cloud platform serves leading AI model developers, enterprises, and research organizations, including nine of the top ten AI model providers. Nick Hoover, Vice President at CoreWeave, stated that Backblaze has built a reputation for making complex, HDD-based storage infrastructure reliable and easy-to-consume at scale.

Backblaze, Inc. (NASDAQ: BLZE) has announced its participation in the Planet MicroCap Las Vegas 2026 conference, where its Chief Financial Officer will engage in a fireside chat to discuss the company's high-performance cloud storage platform. The event is set to take place on Wednesday, June 17, 2026, at 10:00 a.m. PT in Las Vegas, NV. This participation provides an opportunity for investors to gain direct insights into the company's operations and strategic direction.

Marc Suidan, CFO of Backblaze, will lead the discussion during the session, which will be moderated by Lake Street Capital. The fireside chat aims to cover the company's role in the AI era and its cloud storage solutions that accelerate AI workflows and data-heavy applications. The session will be accessible to a broader audience through a live webcast.

Investors and interested parties can access the live and archived versions of the webcast via Backblaze's investor relations website at ir.backblaze.com. The company provides cloud object storage designed to remove barriers of lock-in, complexity, and cost for businesses.

Backblaze serves over 500,000 customers across 175 countries, enabling them to reach hundreds of millions of end users. The company emphasizes interoperability and data protection as core components of its independent cloud services.

Conference Details