Why Backblaze Stock Jumped Today

Backblaze (BLZE) surged 26.94% after the cloud storage provider crushed second-quarter expectations and landed a major AI partnership. The company posted revenue of $42.7 million, up 18% year-over-year, driven by 34% growth in its B2 Cloud Storage segment.

Management raised full-year guidance on the back of accelerating demand for scalable storage infrastructure. The catalyst: a $335 million partnership with CoreWeave to provide AI-focused storage solutions. The deal signals Backblaze is capturing real traction in the AI infrastructure buildout, moving beyond commodity storage into higher-margin workloads.

The B2 segment's 34% growth rate—nearly double the company's overall revenue expansion—underscores the shift toward object storage as AI and machine learning applications proliferate. The CoreWeave agreement validates Backblaze's technical capabilities with a marquee customer already servicing hyperscale AI deployments.

The guidance raise suggests management sees the CoreWeave relationship as the first of multiple enterprise AI wins, not a one-off deal.