CoreWeave Falls as OpenAI Payment Concerns Put CRWV AI Cloud Contracts Under Scrutiny

CoreWeave shares fell 6% after a Wall Street Journal report on April 28, 2026, said OpenAI revenue and user growth missed internal targets and that CFO Sarah Friar was concerned about the company’s ability to meet future compute-contract payments. CoreWeave, valued at about $60 billion, has borrowed more than $40 billion to buy GPUs and build data centers. Microsoft accounted for 67% of its 2025 revenue, while Meta and OpenAI are also major customers. OpenAI represents about one-third of CoreWeave’s contracted revenue over the next seven years, with commitments exceeding $22 billion. OpenAI disputed the report, saying the data cited was outdated. CoreWeave said OpenAI is not its only customer and cited demand from Meta, Anthropic, Microsoft and Google. Still, credit conditions are tightening: Credit Benchmark said data-center credit quality has worsened 10% to 12% over the past six months, while CoreWeave insiders and early investor Magnetar have sold more than $6 billion in stock since its 2025 listing.