CoreWeave fell 5.83% on April 28 after reports emerged that OpenAI had missed its internal revenue and user growth targets. For most investors, that was a reason to pause. For Cathie Wood, it was a reason to buy.
Wood’s ARK Invest ETFs moved quickly and the size of the buy tells you exactly how much conviction is behind it.
What ARK Bought and Why Timing Matters
ARK Invest bought 162,306 shares of CoreWeave in its ARKK and ARKW ETFs on April 28, and the shares closed at $105.53, for a total transaction of about $18.18 million, according to Investing.com.
The purchase came on a bad day for CoreWeave, which fell after news that OpenAI, one of its biggest customers, had missed its internal growth targets. Wood’s move suggests she views the liquidation as disconnected from CoreWeave’s underlying business strength rather than a signal to reduce exposure, according to TipRanks.
The April 28 purchase is part of a consistent pattern. ARK has invested at least $80 million in CoreWeave so far this year across multiple purchases, according to Stocktwits. Every time CoreWeave has regressed, Wood has added.
This is not a first look at the stock. It is a repeated and deliberate construction.
What CoreWeave actually does and why it is important
CoreWeave is a GPU-optimized cloud infrastructure company built specifically for AI workloads. It entered into a five-year partnership with OpenAI at the time of its initial public offering, with the deal worth up to $11.9 billion in revenue over that period, according to Motley Fool. OpenAI is also an investor in CoreWeave.
Beyond OpenAI, CoreWeave works with nine of the world’s 10 largest AI platforms, including Google, Microsoft, Meta and Anthropic, the Motley Fool noted. That breadth of client relationships is one of the key reasons Wood has been willing to continue expanding the position even as the stock has remained volatile.
CoreWeave’s revenue has more than doubled in each of its first four quarters since going public. Analysts expect revenue to nearly double again when the company reports its next quarterly results, the Motley Fool confirmed. That’s the growth trajectory that keeps Wood committed to the name despite the noise.
The risk of OpenAI and why Wood seems to ignore it
The April 28 liquidation was prompted by reports that OpenAI failed to meet its internal revenue and user growth targets. Since OpenAI is CoreWeave’s largest customer under the $11.9 billion multi-year deal, any slowdown in OpenAI’s growth could reduce the computing power it draws from CoreWeave’s infrastructure.
CoreWeave has rejected that concern, noting that it works with nine of the 10 largest AI platforms and is not solely dependent on one customer. When it announced a partnership with Anthropic in early April, it reinforced that its customer base extends far beyond OpenAI, the Motley Fool reported.
But the risk is real. CoreWeave has taken on significant debt to scale its infrastructure, and a slowdown in OpenAI could put pressure on its growth trajectory at a time when its balance sheet leaves little room for error. The company’s debt-to-equity ratio stands at 4.85, according to CoinCentral. That leverage amplifies both the advantages and disadvantages.
Key figures from ARK’s April 28 purchase of CoreWeave:
Shares purchased: 162,306, split between ARKK and ARKW, according to Investing.com
Total transaction value: approximately $18.18 million, Investing.com confirmed
CoreWeave closing price on April 28: $105.53, down 5.83% on the day, according to TipRanks
ARK’s total investment in CoreWeave to date: at least $80 million, according to Stocktwits
CoreWeave’s Five-Year OpenAI Revenue Deal: Up to $11.9 Billion, According to Motley Fool
CoreWeave customers: Nine of the world’s 10 largest AI platforms, including Google, Microsoft, Meta and Anthropic, Motley Fool noted
CoreWeave’s revenue growth: More than doubled in each of its first four quarters since going public, Motley Fool confirmed
CoreWeave’s debt-to-equity ratio: 4.85, reflecting high leverage to finance infrastructure construction, according to CoinCentral
TipRanks Consensus: Moderate Buy, average price target of $114.20, implying about an 8% upside from current levels, according to TipRanks
Cathie Wood chose a specific moment to make this purchase that reveals exactly how she interprets market sell-offsMatos/Getty Images
What else did ARK buy on the same day?
CoreWeave wasn’t the only move ARK made on April 28. Wood also purchased 40,656 shares of Alphabet through ARKK, valued at approximately $14.17 million, positioning ahead of Alphabet’s first-quarter 2026 earnings report, according to TipRanks. ARK also added 98,393 shares of Kratos Defense and Security Solutions through ARKK for approximately $6.2 million, Investing.com noted.
On the sell side, ARK reduced its position in Bullish, a crypto exchange and media company. The combined picture on April 28 was of an ARK that was aggressively rotating into AI infrastructure and adjacent themes while trimming exposure to digital assets.
What this says about Wood’s vision for CoreWeave
A purchase of $18.18 million in a single day after a stock drops 6% is not a tentative move. It’s a statement. Wood has now built a position in CoreWeave worth at least $80 million in 2026 alone, buying repeatedly at a variety of prices and market conditions.
That pattern reflects a specific conviction: that the sell-off in CoreWeave related to OpenAI’s reported deficits is a market overreaction to a company whose customer base, revenue trajectory, and infrastructure position are fundamentally stronger than the near-term noise suggests.
CoreWeave remains a high-risk, high-leverage growth stock. The debt burden is significant. The dependence on OpenAI is real, even if the broader customer base mitigates it. And the AI ​​infrastructure market is competitive, with the largest cloud providers investing heavily to capture the same demand that CoreWeave serves.
Wood’s purchases do not eliminate those risks. They note that she believes the growth trajectory justifies accepting them. For investors who see ARK’s moves as a sign of where institutional conviction in AI infrastructure is flowing, the April 28 purchase is the clearest data yet on Wood’s position.
Related: Cathie Wood Buys $2.5 Million in Falling Mega-Cap Stocks
This story was originally published by TheStreet on April 30, 2026, where it first appeared in the Investments section. Add TheStreet as a preferred source by clicking here.
