OpenAI: who it depends on, and who depends on it.

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

1. 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

2. 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

3. 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

4. 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

• 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.

Amazon bought OpenAI Series C preferred stock: $15.0 billion in the funding round plus a $35.0 billion commitment, fully invested after June 30, 2026.

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

First verified evidence

Feb 27, 2026

Latest evidence

Jul 31, 2026

1. Amazon will invest $50 billion: $15 billion first, then $35 billion when conditions are met.

   “Amazon will also invest $50 billion in OpenAI, starting with an initial $15 billion investment and followed by another $35 billion in the coming months when certain conditions are met.”

   Amazon and OpenAI (SEC filing exhibit), 8-K EX-99.1, Feb 27, 2026excerpt re-checked Oct 18, 2026

2. A $35.0 billion equity commitment for OpenAI Series C preferred stock, separate from a $15.0 billion investment in the round.

   “Amazon Sub agreed to purchase shares of OpenAI’s Series C Preferred Stock (the “Commitment Shares”) with an aggregate purchase price of $35.0 billion (the “Commitment Amount”).”

   Amazon (SEC filing), 8-K, Feb 27, 2026excerpt re-checked Oct 18, 2026

3. $15.0 billion invested in Series C preferred stock first.

   “We also invested $15.0 billion in Series C Preferred Stock of OpenAI and entered into an equity commitment letter agreement”

   Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

4. The remaining $21.3 billion of the commitment was invested after June 30, 2026.

   “Subsequent to June 30, 2026, we invested the remaining $21.3 billion Commitment Amount in shares of Series C Preferred Stock of OpenAI.”

   Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

• To Amazon: Unknown Amazon reports some figures for its OpenAI and Anthropic stakes together, so no OpenAI-only share of its results is shown.
• To OpenAI: Unknown OpenAI is private; no source states what share of its funding came from Amazon.

SoftBank Group has invested $64.6 billion in OpenAI through SoftBank Vision Fund 2 since September 2024; the last $10 billion tranche was executed on October 1, 2026.

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

First verified evidence

Sep 2024

Latest evidence

Oct 1, 2026

1. $34.6 billion invested through SoftBank Vision Fund 2 from September 2024 to February 2026.

   “SBG has invested an aggregate of USD 34.6 billion in OpenAI through SoftBank Vision Fund 2 since September 2024.”

   SoftBank Group (press release), Feb 27, 2026excerpt re-checked Oct 18, 2026

2. After the third tranche (October 1, 2026): $64.6 billion invested in total, about 13% ownership.

   “As a result, SBG’s cumulative investment in OpenAI totals USD 64.6 billion, and its ownership interest is approximately 13%.”

   SoftBank Group (press release), Oct 1, 2026excerpt re-checked Oct 18, 2026

• To SoftBank Group: Unknown SoftBank measures the stake at fair value; no source reviewed here states its share of SoftBank’s assets.
• To OpenAI: Unknown OpenAI is private; no source states what share of its funding came from SoftBank.

NVIDIA agreed in August 2026 to back OpenAI’s lease payments at SB Energy’s PORTS-Pike campus in Ohio; the campus will host only NVIDIA systems.

• Investment exposure: NVIDIA is exposed to the value or credit of OpenAI.
• Investment dependence: OpenAI relies on capital or credit support from NVIDIA.
• NVIDIA backs OpenAI’s obligations: money moves only if the guarantee is triggered.

First verified evidence

Aug 2026

Latest evidence

Aug 26, 2026

1. Guarantees capped at $105 billion, covering about 4.25 gigawatts of IT load leased by an OpenAI affiliate at SB Energy’s campus in Pike County, Ohio.

   “In August 2026, we entered into guarantees, capped at a total of $105 billion, to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp. (SB Energy) on behalf of a customer, an affiliate of OpenAI Group PBC (OpenAI), related to leases for approximately 4.25 gigawatts of IT load in the aggregate at SB Energy’s PORTS Technology Campus in Pike County, Ohio.”

   NVIDIA (SEC filing), 10-Q, Aug 26, 2026excerpt re-checked Oct 18, 2026

2. NVIDIA’s exposure declines as OpenAI pays its leases; the guarantees end if OpenAI reaches a satisfactory credit rating or the leases run out.

   “The guarantees terminate upon certain events, including OpenAI achieving a satisfactory credit rating or after each respective lease term has completed.”

   NVIDIA (SEC filing), 10-Q, Aug 26, 2026excerpt re-checked Oct 18, 2026

• To NVIDIA: Described, no figure NVIDIA names the risk but gives no share: if OpenAI does not perform and a guarantee is triggered, NVIDIA may assume the lease or seek a replacement tenant.

  “If OpenAI does not perform its obligations or becomes subject to an insolvency event, and a guarantee is triggered, we may assume the applicable lease”

  NVIDIA (SEC filing), 10-Q, Aug 26, 2026excerpt re-checked Oct 18, 2026
• To OpenAI: Unknown OpenAI is private; no source states how much of its data-center financing depends on this support.

AMD issued OpenAI a warrant at $0.01 a share that vests only as OpenAI buys AMD GPUs and AMD’s share price reaches targets. None had vested by June 27, 2026.

• Investment exposure: OpenAI is exposed to the value or credit of AMD.
• AMD granted OpenAI a warrant on its shares: no cash moves until it is exercised.

First verified evidence

Oct 6, 2025

Latest evidence

Aug 5, 2026

1. A warrant for up to 160 million AMD shares, vesting as specific milestones are achieved.

   “As part of the agreement, to further align strategic interests, AMD has issued OpenAI a warrant for up to 160 million shares of AMD common stock, structured to vest as specific milestones are achieved.”

   AMD and OpenAI (SEC filing exhibit), 8-K EX-99.1, Oct 6, 2025excerpt re-checked Oct 18, 2026

2. Exercise price $0.01 a share; vesting tied to GPU purchase milestones and AMD stock-price targets.

   “In October 2025 and February 2026, the Company issued warrants to OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), each entitling the holder the right to purchase up to 160 million shares of the Company’s common stock at an exercise price of $0.01 per share”

   AMD (SEC filing), 10-Q, Aug 5, 2026excerpt re-checked Oct 18, 2026

3. No warrant shares had vested by June 27, 2026.

   “As of June 27, 2026, no warrant shares had vested or become exercisable”

   AMD (SEC filing), 10-Q, Aug 5, 2026excerpt re-checked Oct 18, 2026

• To OpenAI: Unknown Unvested; no source states its value to OpenAI.
• To AMD: Described, no figure No vested shares and no effect on AMD’s financial statements through June 27, 2026.

  “the warrants had no impact on the Condensed Consolidated Financial Statements for the three and six months ended June 27, 2026”

  AMD (SEC filing), 10-Q, Aug 5, 2026excerpt re-checked Oct 18, 2026

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

1. 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

• 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.

A $38 billion AWS agreement from November 2025, expanded in Q1 2026 by $100 billion over eight years, including about 2 gigawatts of Amazon’s Trainium chips.

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

First verified evidence

Nov 3, 2025

Latest evidence

Jul 31, 2026

1. A $38 billion multi-year agreement for AWS compute with hundreds of thousands of NVIDIA GPUs (November 3, 2025).

   “Under this new $38 billion agreement, which will have continued growth over the next seven years, OpenAI is accessing AWS compute comprising hundreds of thousands of state-of-the-art NVIDIA GPUs”

   Amazon (About Amazon), Nov 3, 2025excerpt re-checked Oct 18, 2026

2. Expanded in Q1 2026 by $100.0 billion over 8 years.

   “In Q1 2026, AWS and OpenAI Group PBC (“OpenAI”) announced an expansion of the existing $38.0 billion multi-year commitment and commercial arrangement with OpenAI by $100.0 billion over 8.0 years”

   Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

3. The expansion includes OpenAI consuming about 2 gigawatts of Trainium capacity.

   “The expansion includes OpenAI committing to consume approximately 2 gigawatts of Trainium capacity through AWS infrastructure”

   Amazon and OpenAI (SEC filing exhibit), 8-K EX-99.1, Feb 27, 2026excerpt re-checked Oct 18, 2026

• To Amazon: Unknown Amazon gives the contract size but not OpenAI’s share of its revenue.
• To OpenAI: Unknown OpenAI is private; no source states what share of its compute runs on AWS.

Oracle’s cloud runs OpenAI’s flagship Stargate supercluster in Abilene, Texas, and a Michigan campus is being built exclusively for Oracle and OpenAI. No amount is disclosed.

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

First verified evidence

Oct 14, 2025

Latest evidence

Jun 1, 2026

1. Oracle’s Zettascale10 fabric underpins the flagship supercluster built with OpenAI in Abilene, Texas.

   “OCI Zettascale10 is the fabric underpinning the flagship supercluster built in collaboration with OpenAI in Abilene, Texas, as part of Stargate.”

   Oracle (newsroom), Oct 14, 2025excerpt re-checked Oct 18, 2026

2. The Saline Township, Michigan campus is purpose-built exclusively for Oracle and OpenAI.

   “The project, purpose-built exclusively for Oracle and OpenAI, is financed with equity from Related Digital and funds affiliated with Blackstone”

   Oracle and OpenAI with project partners (joint release on oracle.com), Jun 1, 2026excerpt re-checked Oct 18, 2026

3. OpenAI describes Stargate as built in partnership with Oracle.

   “OpenAI’s Stargate initiative, in partnership with Oracle, is expanding AI compute capacity across the United States”

   Oracle and OpenAI with project partners (joint release on oracle.com), Jun 1, 2026excerpt re-checked Oct 18, 2026

• To Oracle: Unknown Oracle reports remaining performance obligations without naming customers, so no amount is attributed to OpenAI.
• To OpenAI: Unknown OpenAI is private; no source states what share of its compute runs on Oracle.

Two filed contracts: up to $11.9 billion through October 2030 (March 2025) and up to $6.5 billion through May 31, 2031 (September 2025). CoreWeave calls OpenAI a significant customer.

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

First verified evidence

Mar 2025

Latest evidence

Aug 12, 2026

1. March 2025: OpenAI committed to pay up to about $11.9 billion through October 2030.

   “in March 2025, we entered into a master services agreement with OpenAI, a private company, pursuant to which OpenAI has committed to pay us up to approximately $11.9 billion through October 2030.”

   CoreWeave (SEC filing), 10-K, Mar 2, 2026excerpt re-checked Oct 18, 2026

2. September 2025: OpenAI committed to pay up to about $6.5 billion through May 31, 2031.

   “OpenAI has committed to pay the Company up to approximately $6.5 billion through May 31, 2031 under the Order Form.”

   CoreWeave (SEC filing), 8-K, Sep 25, 2025excerpt re-checked Oct 18, 2026

• To CoreWeave: Described, no figure CoreWeave expects OpenAI to be a significant customer but gives no share.

  “we expect OpenAI to be a significant customer in future periods”

  CoreWeave (SEC filing), 10-Q, Aug 12, 2026excerpt re-checked Oct 18, 2026
• To OpenAI: Unknown OpenAI is private; no source states what share of its compute runs on CoreWeave.

A September 2025 letter of intent: OpenAI to deploy at least 10 gigawatts of NVIDIA systems, with NVIDIA intending to invest up to $100 billion as they are deployed. NVIDIA’s filings do not confirm a final agreement.

• Supplier dependence: OpenAI depends on chips or parts from NVIDIA.
• Customer dependence: NVIDIA depends on sales to OpenAI.
• OpenAI pays NVIDIA for chips or parts (announced, not confirmed).

First verified evidence

Sep 22, 2025

Latest evidence

Aug 17, 2026

1. A letter of intent for at least 10 gigawatts of NVIDIA systems for OpenAI.

   “Strategic partnership enables OpenAI to build and deploy at least 10 gigawatts of AI data centers with NVIDIA systems representing millions of GPUs for OpenAI’s next-generation AI infrastructure.”

   NVIDIA (newsroom), Sep 22, 2025excerpt re-checked Oct 18, 2026

2. NVIDIA intends to invest up to $100 billion in OpenAI, step by step as each gigawatt is deployed.

   “To support the partnership, NVIDIA intends to invest up to $100 billion in OpenAI progressively as each gigawatt is deployed.”

   NVIDIA (newsroom), Sep 22, 2025excerpt re-checked Oct 18, 2026

3. February 2026: NVIDIA was finalizing an investment and partnership agreement, with no assurance of completion.

   “We are finalizing an investment and partnership agreement with OpenAI. There is no assurance that we will enter into an investment and partnership agreement with OpenAI or that a transaction will be completed.”

   NVIDIA (SEC filing), 10-K, Feb 25, 2026excerpt re-checked Oct 18, 2026

4. August 2026: OpenAI will be the customer of the PORTS-Pike campus in Ohio, which will host only NVIDIA AI compute.

   “NVIDIA will be the exclusive AI compute infrastructure provider at PORTS-Pike”

   NVIDIA, SB Energy and OpenAI (joint release filed by NVIDIA), 8-K EX-99.1, Aug 17, 2026excerpt re-checked Oct 18, 2026

• To NVIDIA: Unknown NVIDIA does not name OpenAI among its customers’ revenue shares.
• To OpenAI: Unknown OpenAI is private; no source states what share of its chips come from NVIDIA.

• NVIDIA’s 10-Q for the quarter to July 26, 2026 no longer repeats the "finalizing" sentence and does not name an OpenAI investment. Press reports of a $30 billion NVIDIA investment in OpenAI are listed under "Not included".

A definitive multi-generation agreement; the first gigawatt of AMD Instinct MI450 GPUs is due from the second half of 2026. AMD expects tens of billions of dollars of revenue from it.

• Supplier dependence: OpenAI depends on chips or parts from AMD.
• Customer dependence: AMD depends on sales to OpenAI.
• OpenAI pays AMD for chips or parts.

First verified evidence

Oct 6, 2025

Latest evidence

Oct 6, 2025

1. A 6 gigawatt agreement across multiple generations of AMD Instinct GPUs.

   “AMD (NASDAQ: AMD) and OpenAI today announced a 6 gigawatt agreement to power OpenAI’s next-generation AI infrastructure across multiple generations of AMD Instinct GPUs.”

   AMD and OpenAI (SEC filing exhibit), 8-K EX-99.1, Oct 6, 2025excerpt re-checked Oct 18, 2026

2. The first 1 gigawatt of MI450 GPUs is set to begin in the second half of 2026.

   “The first 1 gigawatt deployment of AMD Instinct MI450 GPUs is set to begin in the second half of 2026.”

   AMD and OpenAI (SEC filing exhibit), 8-K EX-99.1, Oct 6, 2025excerpt re-checked Oct 18, 2026

• To AMD: Company expectation AMD’s CFO expects the partnership to deliver tens of billions of dollars of revenue (an expectation, not a result).

  “Our partnership with OpenAI is expected to deliver tens of billions of dollars in revenue for AMD”

  AMD and OpenAI (SEC filing exhibit), 8-K EX-99.1, Oct 6, 2025excerpt re-checked Oct 18, 2026
• To OpenAI: Unknown OpenAI is private; no source states what share of its chips come from AMD.

OpenAI designs its accelerators (the first is Jalapeño) and Broadcom supplies the silicon implementation and networking, for initial deployment by the end of 2026. No amount is disclosed.

• Supplier dependence: OpenAI depends on chips or parts from Broadcom.
• Customer dependence: Broadcom depends on sales to OpenAI.
• The sources do not say who pays whom for this link, so no money flow is drawn.

First verified evidence

Jun 24, 2026

Latest evidence

Jun 24, 2026

1. Jalapeño is the first accelerator of a multi-generation platform the two companies are building together.

   “the first AI accelerator in a multi-generation compute platform the companies are building together”

   Broadcom and OpenAI (joint release on broadcom.com), Jun 24, 2026excerpt re-checked Oct 18, 2026

2. Initial deployment is planned by the end of 2026, combining OpenAI-designed accelerators with Broadcom silicon, networking and connectivity.

   “Jalapeño is the first step in a multi-generation compute platform designed for initial deployment by the end of 2026”

   Broadcom and OpenAI (joint release on broadcom.com), Jun 24, 2026excerpt re-checked Oct 18, 2026

• To Broadcom: Unknown Broadcom does not name OpenAI’s share of its revenue.
• To OpenAI: Unknown OpenAI is private; no source states the size of the program.

• Who pays for the deployments is not stated: Broadcom says they are built with Microsoft and other data-center partners. The map draws the supply link without a money arrow.
• An October 2025 announcement of the collaboration (reported as 10 gigawatts) could not be read from Broadcom’s investor site by Boostio’s server, so its figures are not shown.

SB Energy will build, own and operate a data-center campus in Ohio under a 20-year lease to OpenAI, the customer for 8 IT-gigawatts, coming online in phases from 2028.

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

First verified evidence

Aug 17, 2026

Latest evidence

Aug 17, 2026

1. A 20-year lease to OpenAI; SB Energy builds, owns and operates the campus.

   “SB Energy will build, own and operate the data center under a 20-year lease to OpenAI.”

   NVIDIA, SB Energy and OpenAI (joint release filed by NVIDIA), 8-K EX-99.1, Aug 17, 2026excerpt re-checked Oct 18, 2026

2. OpenAI is the customer for 8 IT-gigawatts.

   “OpenAI will be the customer for 8-IT GW”

   NVIDIA, SB Energy and OpenAI (joint release filed by NVIDIA), 8-K EX-99.1, Aug 17, 2026excerpt re-checked Oct 18, 2026

3. The capacity is planned to come online in phases from 2028.

   “The planned capacity is expected to come online in phases beginning in 2028.”

   NVIDIA, SB Energy and OpenAI (joint release filed by NVIDIA), 8-K EX-99.1, Aug 17, 2026excerpt re-checked Oct 18, 2026

• To SB Energy: Unknown SB Energy is private; no source states its revenue split.
• To OpenAI: Unknown OpenAI is private.

Named as an existing investor in NVIDIA’s August 2026 release; the size is not stated.

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

First verified evidence

Aug 17, 2026

Latest evidence

Aug 17, 2026

1. An existing investor in SB Energy.

   “joining existing investors SoftBank Group and OpenAI”

   NVIDIA, SB Energy and OpenAI (joint release filed by NVIDIA), 8-K EX-99.1, Aug 17, 2026excerpt re-checked Oct 18, 2026

• To OpenAI: Unknown Not stated.
• To SB Energy: Unknown SB Energy is private.