diff --git a/src/cmd/flux-exec.c b/src/cmd/flux-exec.c
index d5013c20ae53..2a12174d275e 100644
--- a/src/cmd/flux-exec.c
+++ b/src/cmd/flux-exec.c
@@ -32,6 +32,8 @@
 #include "src/common/libsubprocess/fbuf_watcher.h"
 #include "ccan/str/str.h"
 
+#define NUMCMP(a,b) ((a)==(b)?0:((a)<(b)?-1:1))
+
 static struct optparse_option cmdopts[] = {
     { .name = "rank", .key = 'r', .has_arg = 1, .arginfo = "IDSET",
       .usage = "Specify target ranks.  Default is \"all\"" },
@@ -73,6 +75,15 @@ zhashx_t *exitsets;
 struct idset *hanging;
 
 zlistx_t *subprocesses;
+/* subprocess credits ordered low to high.  Exited and failed
+ * subprocesses are removed from the list.
+ */
+zlistx_t *subprocess_credits;
+
+struct subproc_credit {
+    void *handle;      /* handle to subprocess in credits list */
+    int credits;
+};
 
 optparse_t *opts = NULL;
 
@@ -146,6 +157,35 @@ void completion_cb (flux_subprocess_t *p)
         log_err_exit ("idset_clear");
 }
 
+int subprocess_min_credits (void)
+{
+    /* subprocess_credits ordered, min at head */
+    flux_subprocess_t *p = zlistx_head (subprocess_credits);
+    struct subproc_credit *spcred;
+    /* list possibly empty if all subprocesses failed, so return no
+     * credits so stdin watcher won't be started
+     */
+    if (!p)
+        return 0;
+    spcred = flux_subprocess_aux_get (p, "credits");
+    return spcred->credits;
+}
+
+void subprocess_update_credits (flux_subprocess_t *p, int bytes, bool reorder)
+{
+    struct subproc_credit *spcred = flux_subprocess_aux_get (p, "credits");
+    spcred->credits += bytes;
+    if (reorder)
+        zlistx_reorder (subprocess_credits, spcred->handle, false);
+}
+
+void subprocess_remove_credits (flux_subprocess_t *p)
+{
+    struct subproc_credit *spcred = flux_subprocess_aux_get (p, "credits");
+    if (zlistx_delete (subprocess_credits, spcred->handle) < 0)
+        log_err_exit ("zlistx_delete");
+}
+
 void state_cb (flux_subprocess_t *p, flux_subprocess_state_t state)
 {
     if (state == FLUX_SUBPROCESS_RUNNING) {
@@ -153,8 +193,10 @@ void state_cb (flux_subprocess_t *p, flux_subprocess_state_t state)
         /* see FLUX_SUBPROCESS_FAILED case below */
         (void)flux_subprocess_aux_set (p, "started", p, NULL);
     }
-    else if (state == FLUX_SUBPROCESS_EXITED)
+    else if (state == FLUX_SUBPROCESS_EXITED) {
         exited++;
+        subprocess_remove_credits (p);
+    }
     else if (state == FLUX_SUBPROCESS_FAILED) {
         /* FLUX_SUBPROCESS_FAILED is a catch all error case, no way to
          * know if process started or not.  So we cheat with a
@@ -163,11 +205,17 @@ void state_cb (flux_subprocess_t *p, flux_subprocess_state_t state)
         if (flux_subprocess_aux_get (p, "started") == NULL)
             started++;
         exited++;
+        subprocess_remove_credits (p);
     }
 
     if (stdin_w) {
-        if (started == rank_count)
-            flux_watcher_start (stdin_w);
+        if (started == rank_count) {
+            int min_credits = subprocess_min_credits ();
+            /* don't start stdin_w unless all subprocesses have
+             * received credits to write to stdin */
+            if (min_credits)
+                flux_watcher_start (stdin_w);
+        }
         if (exited == rank_count)
             flux_watcher_stop (stdin_w);
     }
@@ -218,6 +266,16 @@ void output_cb (flux_subprocess_t *p, const char *stream)
     }
 }
 
+void credit_cb (flux_subprocess_t *p, const char *stream, int bytes)
+{
+    subprocess_update_credits (p, bytes, true);
+    if (started == rank_count) {
+        int min_credits = subprocess_min_credits ();
+        if (min_credits)
+            flux_watcher_start (stdin_w);
+    }
+}
+
 static void stdin_cb (flux_reactor_t *r,
                       flux_watcher_t *w,
                       int revents,
@@ -226,9 +284,10 @@ static void stdin_cb (flux_reactor_t *r,
     struct fbuf *fb = fbuf_read_watcher_get_buffer (w);
     flux_subprocess_t *p;
     const char *ptr;
-    int lenp;
+    int len, lenp;
+    int min_credits = subprocess_min_credits ();
 
-    if (!(ptr = fbuf_read (fb, -1, &lenp)))
+    if (!(ptr = fbuf_read (fb, min_credits, &lenp)))
         log_err_exit ("fbuf_read");
 
     if (lenp) {
@@ -236,11 +295,20 @@ static void stdin_cb (flux_reactor_t *r,
         while (p) {
             if (flux_subprocess_state (p) == FLUX_SUBPROCESS_INIT
                 || flux_subprocess_state (p) == FLUX_SUBPROCESS_RUNNING) {
-                if (flux_subprocess_write (p, "stdin", ptr, lenp) < 0)
+                int updated_credits;
+                if ((len = flux_subprocess_write (p, "stdin", ptr, lenp)) < 0)
                     log_err_exit ("flux_subprocess_write");
+                /* N.B. since we are subtracting the same number of credits
+                 * from all subprocesses, the sorted order in the credits list
+                 * should not change
+                 */
+                subprocess_update_credits (p, -1*len, false);
             }
             p = zlistx_next (subprocesses);
         }
+        min_credits = subprocess_min_credits ();
+        if (min_credits == 0)
+            flux_watcher_stop (stdin_w);
     }
     else {
         p = zlistx_first (subprocesses);
@@ -367,6 +435,15 @@ void subprocess_destroy (void **arg)
     flux_subprocess_destroy (p);
 }
 
+int subprocess_credits_compare (const void *item1, const void *item2)
+{
+    flux_subprocess_t *p1 = (flux_subprocess_t *) item1;
+    flux_subprocess_t *p2 = (flux_subprocess_t *) item2;
+    struct subproc_credit *spcred1 = flux_subprocess_aux_get (p1, "credits");
+    struct subproc_credit *spcred2 = flux_subprocess_aux_get (p2, "credits");
+    return NUMCMP (spcred1->credits, spcred2->credits);
+}
+
 /* atexit handler
  * This is a good faith attempt to restore stdin flags to what they were
  * before we set O_NONBLOCK per bug #1803.
@@ -575,6 +652,7 @@ int main (int argc, char *argv[])
         .on_channel_out = NULL,
         .on_stdout = output_cb,
         .on_stderr = output_cb,
+        .on_credit = credit_cb,
     };
     struct timespec t0;
     const char *service_name;
@@ -708,6 +786,10 @@ int main (int argc, char *argv[])
         log_err_exit ("zlistx_new");
     zlistx_set_destructor (subprocesses, subprocess_destroy);
 
+    if (!(subprocess_credits = zlistx_new ()))
+        log_err_exit ("zlistx_new");
+    zlistx_set_comparator (subprocess_credits, subprocess_credits_compare);
+
     if (!(exitsets = zhashx_new ()))
         log_err_exit ("zhashx_new()");
 
@@ -717,6 +799,7 @@ int main (int argc, char *argv[])
     rank = idset_first (targets);
     while (rank != IDSET_INVALID_ID) {
         flux_subprocess_t *p;
+        struct subproc_credit *spcred;
         if (!(p = flux_rexec_ex (h,
                                  service_name,
                                  rank,
@@ -726,8 +809,17 @@ int main (int argc, char *argv[])
                                  NULL,
                                  NULL)))
             log_err_exit ("flux_rexec");
+        if (!(spcred = calloc (1, sizeof (*spcred))))
+            log_err_exit ("calloc");
         if (!zlistx_add_end (subprocesses, p))
             log_err_exit ("zlistx_add_end");
+        if (!(spcred->handle = zlistx_add_end (subprocess_credits, p)))
+            log_err_exit ("zlistx_add_end");
+        if (flux_subprocess_aux_set (p,
+                                     "credits",
+                                     spcred,
+                                     (flux_free_f) free) < 0)
+            log_err_exit ("flux_subprocess_aux_set");
         rank = idset_next (targets, rank);
     }
 
@@ -800,6 +892,7 @@ int main (int argc, char *argv[])
 
     zhashx_destroy (&exitsets);
     zlistx_destroy (&subprocesses);
+    zlistx_destroy (&subprocess_credits);
 
     return exit_code;
 }