Backblaze (NASDAQ: BLZE) Surges on CoreWeave AI Storage Deal and Analyst Upgrade

• Analyst firm B. Riley significantly raised its price target for Backblaze (NASDAQ: BLZE), reiterating a Buy rating.
• Backblaze (NASDAQ: BLZE) secured a substantial five-year, $335 million data storage agreement with AI cloud provider CoreWeave.
• The news propelled Backblaze shares to surge by as much as 31%, reaching a new 52-week high and demonstrating strong investor interest.

Backblaze (NASDAQ: BLZE) is a leading data storage company that provides cloud storage and data backup services. It offers these services to businesses and individuals. The company operates in a competitive market against larger cloud computing providers, focusing on providing cost-effective storage solutions for its customers.

On June 24, 2026, analyst firm B. Riley reiterated its Buy rating for Backblaze. The firm also increased its price target, which is an analyst's projection of a stock's future price. The target for Backblaze was raised significantly to $16 from a previous target of $7, with the stock trading at $11.66 at the time.

This positive analyst view follows a major announcement. As highlighted by Business Wire, Backblaze secured a five-year data storage agreement with AI cloud provider CoreWeave. The deal is valued at $335 million and is a key factor in the company's recent performance and upgraded price target.

Under the agreement, Backblaze will provide large-scale, HDD-based storage capacity to support CoreWeave's infrastructure. This partnership helps manage data for demanding AI workloads and enterprise storage needs, as highlighted by Benzinga. The deal shows the growing need for massive data storage to power artificial intelligence development.

The news caused Backblaze shares to surge, rising as much as 31%, as reported by Invezz. The stock price reached $11.66, an increase of $3.54 or about 43.6%. It also set a new 52-week high of $11.85, with trading volume reaching almost 35 million shares, showing strong investor interest.