The companies each kind of event would reach, up to two steps away, along sourced relationships only. This is a map of connections, not a forecast: how much each company would feel is unknown unless a source states it.

What if Microsoft spends less?

Companies that sell to it (its suppliers and infrastructure providers), then the companies those sellers buy from.

CoreWeave · directly, a source states a figureCoreWeave depends on sales to Microsoft.
NVIDIA · two steps away, materiality unknownCoreWeave depends on sales to Microsoft; then NVIDIA depends on sales to CoreWeave.

What if Microsoft raises less money or its value falls?

Its investors, holders and guarantors, plus the companies that sell to it (a company that raises less tends to buy less), then their suppliers.

CoreWeave · directly, a source states a figureCoreWeave depends on sales to Microsoft.
NVIDIA · two steps away, materiality unknownCoreWeave depends on sales to Microsoft; then NVIDIA depends on sales to CoreWeave.

What if Microsoft cannot deliver?

Companies that buy chips, parts or capacity from it, then their own customers.

Anthropic · directly, materiality unknownAnthropic depends on compute or data-center capacity from Microsoft.
OpenAI · directly, materiality unknownOpenAI depends on compute or data-center capacity from Microsoft.

What if Microsoft's shares or stake lose value?

Holders of its shares, warrants or notes and guarantors of its obligations, then their holders.

No company in this network is connected to Microsoft that way.

Filings

Microsoft’s filings and its partners’

Company

Sep 22, 2026, 16:17 ETCoreWeave filed a current report (8-K): material agreement (Item 1.01), unregistered sale of shares (Item 3.02), other events (Item 8.01). Filing on SEC.govConnected:OpenAI Microsoft Meta Platforms NVIDIA
Sep 17, 2026, 07:13 ETCoreWeave filed a current report (8-K): Regulation FD disclosure (Item 7.01), other events (Item 8.01). Filing on SEC.govConnected:OpenAI Microsoft Meta Platforms NVIDIA
Sep 2, 2026, 16:30 ETMicrosoft filed a current report (8-K): Regulation FD disclosure (Item 7.01). Filing on SEC.govConnected:OpenAI CoreWeave Anthropic
Aug 11, 2026, 19:24 ETCoreWeave filed a quarterly report (10-Q). Filing on SEC.govConnected:OpenAI Microsoft Meta Platforms NVIDIA
Aug 11, 2026, 16:10 ETCoreWeave filed a current report (8-K): results of operations (Item 2.02). Filing on SEC.govConnected:OpenAI Microsoft Meta Platforms NVIDIA
Aug 10, 2026, 16:10 ETCoreWeave filed a current report (8-K): material agreement (Item 1.01), new financial obligation (Item 2.03), Regulation FD disclosure (Item 7.01). Filing on SEC.govConnected:OpenAI Microsoft Meta Platforms NVIDIA
Jul 29, 2026, 16:08 ETMicrosoft filed an annual report (10-K). Filing on SEC.govConnected:OpenAI CoreWeave Anthropic
Jul 29, 2026, 16:04 ETMicrosoft filed a current report (8-K): results of operations (Item 2.02). Filing on SEC.govConnected:OpenAI CoreWeave Anthropic

Evidence

Every relationship of Microsoft

Microsoft owns about a quarter of OpenAIMicrosoft · OpenAI · 2019

Investment: sharesActiveFiled with the SEC

Microsoft has invested in OpenAI since 2019 and accounts for its stake under the equity method.

Investment exposure: Microsoft is exposed to the value or credit of OpenAI.
Investment dependence: OpenAI relies on capital or credit support from Microsoft.
Capital flows from Microsoft to OpenAI.

First verified evidence: 2019
Latest evidence: Jul 29, 2026

What the sources say

A long-term strategic partnership with OpenAI, originally established in 2019.
“We have a long-term strategic partnership with OpenAI which was originally established in 2019.”
Microsoft (SEC filing), 10-K, Jul 29, 2026excerpt re-checked Oct 18, 2026
An equity-method investment of about 25% of OpenAI on an as-converted basis (June 30, 2026).
“We have an investment accounted for under the equity method that represents an approximate 25% interest on an as-converted basis.”
Microsoft (SEC filing), 10-K, Jul 29, 2026excerpt re-checked Oct 18, 2026
Funding commitments of $13.0 billion, of which $11.9 billion was funded by June 30, 2026.
“We have made total funding commitments of $13.0 billion related to our investment, of which $11.9 billion has been funded as of June 30, 2026.”
Microsoft (SEC filing), 10-K, Jul 29, 2026excerpt re-checked Oct 18, 2026
After OpenAI’s October 2025 recapitalization Microsoft valued the stake at about $135 billion, roughly 27% on an as-converted diluted basis.
“Following the recapitalization, Microsoft holds an investment in OpenAI Group PBC valued at approximately $135 billion, representing roughly 27 percent on an as-converted diluted basis”
Microsoft (Official Microsoft Blog), Oct 28, 2025excerpt re-checked Oct 18, 2026

How much it matters

To Microsoft: Disclosed Net gains of $6.5 billion from investments in OpenAI in fiscal 2026, after net losses of $4.8 billion in fiscal 2025.
“Other income (expense), net included $6.5 billion of net gains, $4.8 billion of net losses, and $1.5 billion of net losses for fiscal years 2026, 2025, and 2024, respectively, from investments in OpenAI”
Microsoft (SEC filing), 10-K, Jul 29, 2026excerpt re-checked Oct 18, 2026
To OpenAI: Unknown OpenAI is private; no source states how much of its capital came from Microsoft.

OpenAI buys Azure; Microsoft recorded $24.1 billion of revenue from OpenAI in fiscal 2026Microsoft · OpenAI · 2019

InfrastructureActiveFiled with the SEC

OpenAI runs on Microsoft’s Azure cloud and pays Microsoft a revenue share. In October 2025 it contracted an incremental $250 billion of Azure services.

Infrastructure dependence: OpenAI depends on compute or data-center capacity from Microsoft.
Customer dependence: Microsoft depends on sales to OpenAI.
OpenAI pays Microsoft for compute or data-center capacity.

First verified evidence: 2019
Latest evidence: Jul 29, 2026

What the sources say

OpenAI contracted to buy an incremental $250 billion of Azure services; Microsoft gave up its right of first refusal as OpenAI’s compute provider.
“OpenAI has contracted to purchase an incremental $250B of Azure services, and Microsoft will no longer have a right of first refusal to be OpenAI’s compute provider.”
Microsoft (Official Microsoft Blog), Oct 28, 2025excerpt re-checked Oct 18, 2026

How much it matters

To Microsoft: Disclosed Revenue from commercial arrangements with OpenAI, including revenue-sharing payments: $24.1 billion in fiscal 2026; $6.0 billion receivable from OpenAI on June 30, 2026.
“For fiscal year 2026, we recorded revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, of $24.1 billion, and accounts receivable from OpenAI as of June 30, 2026 was $6.0 billion.”
Microsoft (SEC filing), 10-K, Jul 29, 2026excerpt re-checked Oct 18, 2026
To OpenAI: Unknown OpenAI is private; no source states what share of its compute runs on Azure.

Microsoft was about 67% of CoreWeave’s 2025 revenueCoreWeave · Microsoft · 2023

InfrastructureActiveFiled with the SEC

Microsoft has been CoreWeave’s largest customer since 2023: 35% of revenue in 2023, 62% in 2024 and about 67% in 2025.

Infrastructure dependence: Microsoft depends on compute or data-center capacity from CoreWeave.
Customer dependence: CoreWeave depends on sales to Microsoft.
Microsoft pays CoreWeave for compute or data-center capacity.

First verified evidence: 2023
Latest evidence: Mar 2, 2026

What the sources say

Microsoft accounted for 35% and 62% of CoreWeave’s revenue in 2023 and 2024.
“For the years ended December 31, 2023 and 2024, our largest customer was Microsoft, which accounted for 35% and 62% of our revenue, respectively.”
CoreWeave (SEC filing), S-1/A, Mar 20, 2025excerpt re-checked Oct 18, 2026

How much it matters

To CoreWeave: Disclosed About 67% of CoreWeave’s revenue in 2025 came from Microsoft.
“We recognized an aggregate of approximately 67% of our revenue from our top customer, Microsoft, for the year ended December 31, 2025.”
CoreWeave (SEC filing), 10-K, Mar 2, 2026excerpt re-checked Oct 18, 2026
To Microsoft: Unknown Microsoft does not name CoreWeave in its annual report.

CoreWeave’s 10-Q for the quarter to June 30, 2026 reports its top customers only as letters (Customer A 36%), so that figure is not attributed to Microsoft.

Anthropic committed $30 billion to AzureMicrosoft · Anthropic · Nov 18, 2025

InfrastructureCommitted (future delivery)Stated by both companies

Anthropic committed to buy $30 billion of Azure compute capacity and to contract additional capacity up to one gigawatt.

Infrastructure dependence: Anthropic depends on compute or data-center capacity from Microsoft.
Customer dependence: Microsoft depends on sales to Anthropic.
Anthropic pays Microsoft for compute or data-center capacity.

First verified evidence: Nov 18, 2025
Latest evidence: Nov 18, 2025

What the sources say

$30 billion of Azure compute capacity and up to one gigawatt more.
“Anthropic has committed to purchase $30 billion of Azure compute capacity and to contract additional compute capacity up to one gigawatt.”
Microsoft (Official Microsoft Blog), Nov 18, 2025excerpt re-checked Oct 18, 2026
The capacity starts with up to one gigawatt of NVIDIA Grace Blackwell and Vera Rubin systems, delivered on Azure.
“Anthropic’s compute commitment will initially be up to one gigawatt of compute capacity with NVIDIA Grace Blackwell and Vera Rubin systems.”
Anthropic (newsroom), Nov 18, 2025excerpt re-checked Oct 18, 2026

How much it matters

To Microsoft: Unknown Microsoft’s annual report does not name Anthropic.
To Anthropic: Unknown Anthropic is private.

Anthropic buys this capacity from Microsoft; the sources do not describe a direct purchase from NVIDIA, so no NVIDIA supply link is drawn for it.

Microsoft committed up to $5 billion to AnthropicMicrosoft · Anthropic · Nov 18, 2025

Investment: sharesPartly completedStated by both companies

Announced in November 2025; Anthropic says its February 2026 Series G included a portion of it. The amount invested so far is not stated.

Investment exposure: Microsoft is exposed to the value or credit of Anthropic.
Investment dependence: Anthropic relies on capital or credit support from Microsoft.
Capital flows from Microsoft to Anthropic.

First verified evidence: Nov 18, 2025
Latest evidence: Feb 12, 2026

What the sources say

Up to $5 billion (NVIDIA: up to $10 billion).
“NVIDIA and Microsoft are committing to invest up to $10 billion and up to $5 billion respectively in Anthropic.”
Microsoft (Official Microsoft Blog), Nov 18, 2025excerpt re-checked Oct 18, 2026
The Series G round included a portion of the investments from Microsoft and NVIDIA.
“This round also includes a portion of the previously announced investments from Microsoft and NVIDIA.”
Anthropic (newsroom), Feb 12, 2026excerpt re-checked Oct 18, 2026

How much it matters

To Microsoft: Unknown Not stated.
To Anthropic: Unknown Anthropic is private.

Catalog BESTIES-v1, reviewed Oct 18, 2026. Paper research only, not investment advice. Method and sources

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