Want to cut further? OpenAI lists dependence on Microsoft as a potential risk.

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(Source: Cai Lian She)

Cai Lian She reported on March 24 (Editor: Ma Lan) that OpenAI highlighted risks associated with its major shareholder Microsoft in a financial document. This document is provided to prospective investors related to the recent financing round, which may indicate OpenAI’s desire to further reduce its close cooperation with Microsoft.

According to insiders, OpenAI is working with banking partners to secure an additional $10 billion in investment commitments from a broader investor base. This portion of financing is expected to be completed by the end of March.

In this document, similar to an IPO prospectus, OpenAI stated that its close relationship with Microsoft could pose potential risks to its business, as Microsoft is responsible for a significant portion of the company’s funding and computing power. OpenAI also mentioned that its operational performance will depend on its ability to successfully establish relationships with partners other than Microsoft.

In addition to its relationship with Microsoft, OpenAI also listed other risks, such as massive capital expenditures, dependence on computing resources, ongoing litigation with Musk’s xAI company, and its unique structure as a public welfare company. These risks could have some impact on OpenAI’s upcoming IPO.

In fact, any company planning to go public will outline potential risks in its external disclosure materials, but these potential risks do not necessarily mean they will occur.

A spokesperson for OpenAI pointed out that describing the business relationship with Microsoft as a risk has been used for many years, and Microsoft will continue to be an important long-term partner for OpenAI now and in the future.

In addition to Microsoft, OpenAI also mentioned risks from other industry companies that could affect its business, such as chip supplier TSMC being impacted by regional conflicts, which could lead to serious disruptions in OpenAI’s supply chain.

On the other hand, the substantial capital expenditures and commitments in computing, data center services, and related infrastructure projects with partners such as Microsoft, NVIDIA, AMD, and Broadcom are also seen by OpenAI as a significant risk for the company’s future.

Gradual exit from cooperation with Microsoft

Last month, OpenAI announced it secured $110 billion in financing from strategic partners, including Amazon, bringing its valuation to $730 billion. The company’s core product, ChatGPT, currently has 900 million weekly active users, and revenue is expected to reach $13.1 billion by 2025.

The relationship between OpenAI and Microsoft has shifted from close collaboration to competitive cooperation over the past few years. Last year, to meet the massive demand for computing power, OpenAI signed power supply agreements with Microsoft competitors CoreWeave, Google, and Oracle, breaking Microsoft’s exclusive supply situation. Subsequently, the market has been skeptical that the relationship between the two companies is cooling.

In October 2025, OpenAI and Microsoft reached an agreement, setting 2032 as the final breakup date, after which Microsoft will no longer have exclusive rights to the intellectual property of OpenAI’s models and products.