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The most expensive breakup in tech history is happening in public filings.
OpenAI just told its pre-IPO investors that Microsoft is a risk to their business. Not a partner. A risk.
The numbers:
Microsoft invested ~$13 billion in OpenAI. Holds 27% equity (~$135 billion). Provides the majority of OpenAI's compute through Azure. Added OpenAI to its official competitor list in 2024.
OpenAI's response: signed a $50 billion deal with Amazon. $30 billion with Oracle. $11.9 billion with CoreWeave. Routed workloads through Google Cloud.
45% of Azure's contracted backlog is tied to OpenAI API revenue.
So OpenAI is Microsoft's largest customer, largest investment, and now its largest competitive threat. Simultaneously.
Microsoft built Copilot Cowork on Anthropic's Claude. Not on OpenAI. Despite owning 27% of OpenAI. That tells you everything about where this relationship is heading.
OpenAI valued at up to $1 trillion for IPO. Microsoft's stake: $135 billion. The question is whether that stake is an asset or a liability when your biggest investment is also your biggest competitor.