Microsoft's filing shows OpenAI paid $24.1 billion for compute and revenue share in fiscal 2025, about 70% of AI sales. The disclosure breaks out the dependency for the first time.
Microsoft Corp. generated $24.1 billion in revenue from OpenAI during the fiscal year ended in June, a securities filing showed last week. The figure covers payments for computing power, model-building costs, and a share of OpenAI's revenue under the companies' agreement.
Chief Executive Officer Satya Nadella said at the end of the March quarter that Microsoft's AI business was on pace to record $37 billion in annual sales. The company did not update that figure when it reported fiscal fourth-quarter earnings last week, leaving the OpenAI contribution as the clearest signal of how much of the AI segment depends on the startup.
Bloomberg's analysis, assuming Microsoft's AI business continued growing at the 123% rate reported for March, puts total AI sales at roughly $34 billion for the fiscal year. That would make OpenAI about 70% of the AI revenue. The company has disclosed the total AI business only twice before: in December 2024, when the run rate was more than $13 billion, and in March, when it was more than $37 billion. A spokesperson confirmed the $24.1 billion figure includes all sales and revenue share from OpenAI.
OpenAI's contribution looked smaller against Microsoft's overall revenue, coming in below 10% of the roughly $245 billion the company reported for the fiscal year. Microsoft said it added about $51 billion in commercial bookings in the most recent quarter, driven by customers other than AI startups. Still, OpenAI made up most of the annual bookings growth.
Investors have questioned how much of Microsoft's AI progress depends on the partnership. The company has backed Anthropic PBC and built its own models to reduce that reliance. The disclosure, which follows OpenAI's plans for an initial public offering, may be tied to that process, said Olga Usvyatsky, an accounting researcher and founder of data-analytics firm Nonlinear Analytics, in a note.
One open question is how much of the $24.1 billion comes from the revenue-sharing deal as opposed to cloud services, said KeyBanc analyst Jackson Ader. "The more of that revenue comes from services to OpenAI rather than the benefits of investment, the more favorably I'm going to look at it," he said.
Microsoft's stock slipped 0.54% to $490.14 on the session. The company holds an Alpha Score of 72, reflecting moderate fundamental strength. For broader stock market analysis, investors can compare how the AI revenue mix shapes the valuation case.
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