OpenAI partnership
Amended agreement announced April 27, 2026. OpenAI investment still drives reported gains and losses each quarter, and commercial backlog rose 84% to $678 billion.
The numbers
What it is
Microsoft's stake and commercial terms with OpenAI. Under the amendment, Azure stays OpenAI's primary cloud and launches first there, Microsoft's IP license runs through 2032 but is non-exclusive, and Microsoft stops paying revenue share to OpenAI while OpenAI's payments to Microsoft continue through 2030, subject to a cap.
Why it matters to the stock. Quarterly reported net income swings with OpenAI investment accounting, and the contracts are a large part of commercial backlog. The loosened exclusivity lets OpenAI sell through other clouds.
News
Microsoft and OpenAI amend partnership: non-exclusive IP license, revenue share changes
Microsoft and OpenAI announced an amended agreement that keeps Microsoft as OpenAI's primary cloud partner while loosening exclusivity.
OpenAI raises $110B at $730B pre-money; Amazon adds $50B and AWS deal expands
OpenAI announced a $110 billion funding round on February 27, 2026, at a $730 billion pre-money valuation, with Amazon ($50 billion), Nvidia ($30 billion) and SoftBank ($30 billion).