BLZE · Backblaze, Inc.

Backblaze's Master Strategic Agreement with CoreWeave is a landmark deal that significantly expands its role in the AI infrastructure ecosystem. The $335 million contract value, spanning five- and seven-year order forms, covers cloud object storage on Backblaze's B2 platform and managed storage deployed in CoreWeave's data centers. This positions Backblaze as a cost-efficient storage layer for AI workloads, complementing CoreWeave's high-performance compute offerings. The warrants issued to CoreWeave—an Initial Warrant for 3.05 million shares and an Additional Warrant for 1.14 million shares, both at $7.60—align CoreWeave's interests with Backblaze's long-term success. Vesting of the Initial Warrant is tied to the agreement's continuation over five years, while the Additional Warrant vests based on contracted storage capacity. The accompanying Registration Rights Agreement ensures liquidity for the warrant shares. The transaction underscores the growing demand for scalable, reliable storage in AI workflows and validates Backblaze's technology and operational expertise. While the estimated $335 million is subject to actual capacity utilization, the deal provides a multiyear revenue pipeline and strengthens Backblaze's competitive position against larger cloud providers.