Microsoft ↔ OpenAI: every deal

Azure remains the primary cloud but OpenAI can sell all its products on any cloud; Microsoft's license through 2032 becomes non-exclusive. Microsoft stops paying revenue share, while OpenAI continues paying it through 2030 with a cap.

Microsoft joins the additional tranche of the round closed at an $852 billion post-money valuation; its contribution was not disclosed.

OpenAI becomes a public benefit corporation; Microsoft holds about 27% on a diluted basis (worth ~$135 billion at the time), with IP rights to models and products through 2032.

In the October 2025 recapitalization OpenAI commits to purchase an additional $250 billion of Azure services; Microsoft loses its right of first refusal on compute.

Microsoft's cumulative investments in OpenAI from 2019 to 2023 (including the multibillion-dollar tranche of January 2023), largely in the form of Azure credits.