OpenAI supports 70% of Microsoft's AI revenue: US$24.1 billion in financial report data exposed, single reliance on hidden risks Microsoft's regulatory documents submitted last week disclosed a set of shocking data: In the fiscal year ending in June this year, Microsoft recorded revenue from OpenAI as high as US$24.1 billion

OpenAI supports 70% of Microsoft's AI revenue: US$24.1 billion in financial report data exposed, single reliance on hidden risks Microsoft's regulatory documents submitted last week disclosed a set of shocking data: In the fiscal year ending in June this year, Microsoft recorded revenue from OpenAI as high as US$24.1 billion. According to Bloomberg calculations, this figure accounts for about 70% of Microsoft’s total AI business revenue, meaning that the technology giant’s AI growth engine is largely driven by a single partner. The market has long questioned the true composition of Microsoft's AI revenue, and this data reveals for the first time the concentration of core driving forces. KeyBanc analyst Jackson Ader pointed out that how much of the $24.1 billion comes from cloud computing services and how much comes from revenue sharing agreements is still a key unresolved question. The cooperation structure has surfaced, and service income and investment income have yet to be dismantled. According to the agreement between the two parties, OpenAI will pay Microsoft computing power fees, AI model construction costs, and a certain proportion of revenue sharing. A Microsoft spokesperson confirmed that the $24.1 billion covers all sales and revenue sharing from OpenAI. Ader emphasized that the higher the proportion of service revenue, the more it reflects the true business delivery capabilities rather than the book contribution brought by financial arrangements. Microsoft CEO Nadella previously revealed that as of the end of the March quarter, the company's annualized revenue from its AI business was running at about $37 billion. However, it is worth noting that Microsoft has only disclosed the overall scale of its AI business at two points in time - US$13 billion in the December 2024 quarter and US$37 billion in the March 2025 quarter. The rapid growth rate impressed the market, and the specific weight of OpenAI did not surface until this document. Decentralized dependence has limited results, and the IPO is approaching to push up transparency requirements. Faced with doubts about the concentration of a single source, Microsoft has continued to try to reduce its dependence on OpenAI in recent years, investing in Anthropic and accelerating the development of self-developed AI models. However, judging from the latest data, these efforts have not yet achieved sufficient dispersion at the revenue level. If measured in terms of overall revenue, OpenAI accounts for less than 10%, but it is still the largest contributor in terms of annual bookings increment. The timing of this detailed disclosure is also quite delicate. Accounting researcher and founder of Nonlinear Analytics Olga Usvyatsky pointed out in a research report that the disclosure of information may be related to OpenAI’s plan to prepare for an IPO. Microsoft has never clearly released the complete revenue data obtained from OpenAI before.