CoreWeave Sell-Off Drags Down OpenAI Valuation While Anthropic Bucks the Trend
nashnova research
CoreWeave's stock hit a near-one-year low, dragging OpenAI's implied valuation on Hyperliquid perpetual contracts below $1.5 trillion while Anthropic rose — the divergence is the market repricing which AI giant is more tethered to a debt-laden compute supplier.
Why are two AI giants suddenly moving in opposite directions?
Over the past 24 hours, Hyperliquid perpetual contracts show OpenAI's valuation fell more than 4%, briefly dipping below $1.5 trillion; Anthropic's contract rose 2.4%, with its implied valuation now just above $2 trillion.
Both are down roughly 15% from last month's highs, but OpenAI's decline is steeper. This means → the market is not dumping the entire AI sector — it is distinguishing who is more exposed to CoreWeave.
In plain terms = when the same bad news hits, the company with the closer tie to the troubled firm takes the bigger blow.
Why is OpenAI more exposed to CoreWeave than Anthropic?
As of September 2025, OpenAI has at least a $22 billion, five-year agreement with CoreWeave covering data centres and technical services — a massive, long-duration commitment.
Anthropic only struck a deal with CoreWeave in April this year, supplying compute for its Claude products, but disclosed no contract value; the market's concern about its exposure is comparatively limited.
This reflects a straightforward principle: the larger and longer the contract, the heavier the drag when your supplier runs into trouble.
How are these "valuations" set — and are they reliable?
The valuations come from perpetual contracts — derivatives with no expiry date that balance longs and shorts through funding rates — deployed on the Hyperliquid blockchain by developer Entropy IO.
Pricing references private funding rounds and secondary-market trades. In plain terms = these are not official valuations; they are prices "bet into existence" by a pool of traders using public data.
Anthropic's contract has open interest above $41 million; OpenAI's sits below $7 million — more than five times thinner. This means → OpenAI's contract is thinly traded, so price swings may be amplified.
How deep is CoreWeave's own trouble?
CoreWeave's stock hit a near-one-year low this week, down 54% from its range high, as concerns over its debt-financing strategy keep building.
Hyperliquid Strategies CEO David Schamis noted that once rival developer TradeXYZ lists these contracts, "liquidity could deepen." He added that such contracts "typically trade at a premium to IPO price but are a fairly good predictor of post-IPO performance."
Whether CoreWeave's credit stress transmits further into OpenAI's valuation hinges on two things: whether both sides can perform on their contract, and whether CoreWeave's own funding channels stay open.
市场有风险，内容仅供研究参考，不构成投资建议。