Microsoft booked $10 billion in revenue tied to OpenAI during the three months ended September 30, a figure that amounts to roughly 11 percent of the company’s $92.3 billion quarterly total. The disclosure, tucked into a regulatory filing on Wednesday, puts a concrete number on the financial entanglement that persists between the two firms even as they court the same enterprise customers.
The annual run rate accelerates
For the full fiscal year ended June 2026, the OpenAI-related tally reached $24.1 billion. At the September quarter’s pace, the annualized run rate climbs to $40 billion. Outstanding receivables from the AI lab also rose, hitting $7.2 billion at the end of September compared with $6 billion three months earlier. That balance reflects amounts owed for past transactions, not new revenue.
The split remains opaque
The filing does not separate how much of the $10 billion stems from revenue-sharing payments versus Azure consumption. Leaked documents cited by TechCrunch in November 2025 showed Microsoft collecting $865.8 million in net revenue-sharing payments from OpenAI over the first nine months of that year. The companies have never publicly confirmed the 20 percent share that arrangement reportedly carries.
The partnership keeps rewriting itself
An April 2026 agreement locks in revenue sharing through 2030, subject to a cap, while allowing OpenAI to add competing cloud providers. That followed an October 2025 reset in which Microsoft gave up its exclusive hold on OpenAI’s compute in exchange for a commitment to purchase an additional $250 billion of Azure services. Microsoft’s equity stake has drifted down to 24 percent from roughly 27 percent after that recapitalization, with the latest quarter showing a further slip from 25 percent in June. The filing offers no explanation for the dilution.