Microsoft’s OpenAI Take Hits $10 Billion

For all the talk about a partnership growing looser and more competitive, the filing lands with the opposite implication: financially, the two companies remain tightly bound. Microsoft said the OpenAI total included revenue-sharing payments, but it did not say how much came from those payments and how much came from Azure cloud services.

That missing split is not a bookkeeping footnote. Cloud revenue would point to OpenAI as a voracious infrastructure customer. Revenue-sharing points to Microsoft collecting a portion of OpenAI’s own expansion. Both matter, but they describe different kinds of dependence and different kinds of resilience if the relationship keeps changing shape.

Microsoft also said revenue tied to OpenAI reached $24.1 billion for its full 2026 fiscal year. At the end of September, it reported $7.2 billion in receivables from OpenAI, up from $6 billion at the end of June. That is money OpenAI owes from prior transactions, not additional revenue.

TechCrunch also reported separately that Microsoft disclosed Azure’s quarterly revenue in dollars for the first time, at $33.2 billion for the July-to-September period. Microsoft did not say how much of the OpenAI-related revenue sat inside that Azure figure.

The filing adds another small but telling detail: Microsoft’s ownership stake in OpenAI slipped to 24% in September from about 25% in June, continuing a gradual decline from roughly 27% after the October 2025 recapitalization. Microsoft did not explain the dilution.

What the company disclosed is significant, but narrower than some of the mythology around the alliance. It does not tell investors how profitable OpenAI is for Microsoft on a net basis. It does tell them that even in a supposedly less exclusive era, OpenAI is still moving through Microsoft’s accounts at a scale that is hard to call incidental.