Backblaze Secures $335M CoreWeave Deal, Price Targets Raised to $16
CRWV•Backblaze signed a five-year, $335 million deal with CoreWeave to supply multi-exabyte HDD storage for its AI Object Storage platform. Craig Hallum upgraded Backblaze to Buy and raised its price target to $16, while Citizens lifted its target to $14 and William Blair assigned a Market Perform rating.
1. CoreWeave Storage Agreement
Backblaze signed a five-year, $335 million agreement to supply multi-exabyte HDD storage capacity to CoreWeave's AI Object Storage platform, positioning its infrastructure for neocloud providers evaluating third-party storage partners.
2. Analyst Upgrades and Price Target Lifts
Craig Hallum upgraded Backblaze to Buy and raised its price target to $16, Citizens lifted its target to $14 with an Outperform rating, and William Blair assigned a Market Perform rating citing improved AI defensibility and anticipated upward revisions to 2027 estimates.
3. Stock Performance Surge
Shares climbed over 43% in a single session to an intraday high of $11.85, marking the best performance since March 2024, while retail chatter spiked 18,900% following the CoreWeave announcement.
