Backblaze Cloud Storage Grows 34% Driven by AI Infrastructure Demand

Key Facts

1The B2 Cloud Storage segment grew 34% YoY in Q2'26, now accounting for 62% of total revenue.

2The $313M CoreWeave contract is expected to ramp up significantly by mid-2027.

Amid the escalating demand for AI infrastructure, Backblaze has reported a strategic shift toward advanced cloud storage services. The company's B2 Cloud Storage segment grew by 34% year-over-year in the second quarter of 2026, now representing 62% of total revenue. This acceleration is primarily driven by the storage requirements for AI model training and foundational robotics models.

The company's outlook is further strengthened by a substantial $313 million contract with CoreWeave, which is expected to ramp up significantly by mid-2027. According to analyst reports, the robust momentum in the cloud segment is effectively offsetting slower growth in legacy backup divisions, positioning the firm to capitalize on the broader AI infrastructure trade.

Regarding related financial instruments, CoreWeave (CRWV) stood at $86.25 at the close of August 24, 2026. With no immediate sector-specific catalysts in the upcoming economic calendar, investors remain focused on the execution of the multi-million dollar contract and its impact on future revenue visibility.

Sources:

seekingalpha.com