微软最新监管文件披露，公司在截至2026年9月30日的季度中，通过与OpenAI相关的商业合作获得100亿美元收入。这一数字包含收入分成以及其他商业安排带来的收益，占微软当季总营收923亿美元的近11%，显示出双方即便在人工智能市场竞争不断加剧的背景下，仍保持着极其紧密的商业联系。
按照微软财年计算规则，截至2026年9月30日的季度属于公司2027财年第一季度。文件显示，OpenAI已经成为微软重要收入来源之一。
从全年数据来看，微软在2026财年通过OpenAI相关合作获得的收入总额达到241亿美元。如果按照最新季度水平推算，这部分业务未来一年有望为微软带来约400亿美元收入。
微软同时披露，截至9月底，OpenAI尚有72亿美元应收账款，相比6月底的60亿美元进一步增长。这部分资金代表OpenAI此前交易形成的欠款，并不属于新增收入。
不过，微软并未说明这100亿美元收入中究竟有多少来自Azure云服务，有多少来自双方的收入分成机制。目前公司尚未公布更详细的构成情况。
市场长期关注微软与OpenAI之间复杂而特殊的商业关系。根据此前曝光的信息，微软早年累计向OpenAI投资超过130亿美元，并因此获得收入分成权益。外界普遍认为OpenAI会将部分收入按约定比例与微软分享，但双方从未正式公开确认具体分成比例。
今年4月，双方达成新的合作协议。根据协议安排，即便OpenAI未来继续扩大与其他云服务商合作，其仍需在2030年前按照约定继续向微软提供收入分成，相关义务将持续多年，不过协议同时设有上限机制。
事实上，两家公司已经逐步调整过去高度绑定的合作模式。2025年10月，微软放宽了此前对OpenAI云基础设施的限制，允许后者与其他云服务提供商展开合作，以满足快速增长的算力需求。
作为交换条件，OpenAI承诺未来继续大量采购微软Azure云服务。根据双方当时达成的协议，OpenAI将在未来额外采购价值2500亿美元的Azure服务，从而确保微软仍能持续分享人工智能浪潮所带来的基础设施红利。
与此同时，微软在OpenAI中的持股比例也出现小幅下降。监管文件显示，截至今年9月，微软持有OpenAI约24%的股份，低于今年6月时的25%，也低于2025年重组完成后约27%的持股比例。微软并未说明此次股权稀释的具体原因。
分析人士指出，这些数据反映出微软与OpenAI的关系正在从单纯的投资与被投资关系，逐步演变为更加复杂的战略合作伙伴关系。一方面，双方在企业客户、生成式人工智能平台以及开发工具市场展开直接竞争；另一方面，OpenAI对Azure基础设施的依赖以及双方长期收入分成机制，又使微软持续受益于OpenAI业务增长。
随着人工智能产业进入规模化商业阶段，微软与OpenAI之间这种既合作又竞争的关系，正在成为全球科技产业最引人关注的战略联盟之一。
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Microsoft's latest regulatory document disclosed that the company had earned $10 billion in revenue through business cooperation with Open AI during the quarter to 30 September 2026. This figure includes revenues from income sharing and other business arrangements, accounting for nearly 11 per cent of the $92.3 billion received by Microsoft during the season, indicating that both sides maintain very close business ties even against the backdrop of increasing competition in artificially intelligent markets.
In accordance with the Microsoft Annual Accounting Rules, the quarter as at 30 September 2026 was the first quarter of the company ' s 2027 wealth. The paper shows that Open AI has become one of Microsoft ' s important sources of income.
From year-wide data, Microsoft earned $24.1 billion in total revenue through Open AI-related cooperation in 2026. If calculated at the latest quarterly level, this part of the operation is expected to generate approximately $40 billion in revenue for Microsoft in the coming year.
At the same time, Microsoft disclosed that at the end of September, Open AI still had $7.2 billion in accounts receivable, a further increase from $6 billion at the end of June. This portion represents arrears arising from Open AI ' s previous transactions and is not part of the new income.
However, Microsoft does not explain how much of this $10 billion income comes from Azure cloud services and how much comes from the revenue-sharing mechanisms of both sides. The company has not yet published a more detailed composition.
The market has long focused on the complex and particular business relationship between Microsoft and Open AI. According to previously exposed information, Microsoft had invested more than $13 billion in the early years to Open AI and thus earned a share of income. It is widely believed that Open AI would share part of the revenue in the agreed proportion with Microsoft, but the two parties have never formally and publicly confirmed a specific share.
In April this year, the two sides reached a new cooperation agreement. Under the terms of the agreement, even if Open AI continued to expand its cooperation with other cloud service providers in the future, it would have to continue providing a share of Microsoft ' s income as agreed by 2030, and the related obligations would continue for many years, although the agreement had a ceiling mechanism.
In fact, the two companies have gradually adapted their past highly binding cooperation models. In October 2025, Microsoft eased previous restrictions on the OpenAi cloud infrastructure, allowing the latter to work with other cloud service providers to meet fast-growing computing needs.
In exchange, Open AI pledged to continue the substantial procurement of Microsoft Azure cloud services in the future. On the basis of the agreement reached between the parties at the time, Open AI would in the future procure an additional $250 billion in Azure services, thus ensuring that Microsoft would continue to share in the infrastructure dividends of the wave of artificial intelligence.
At the same time, the shareholding of Microsoft in Open AI has declined slightly. Regulatory documents show that as of September this year, Microsoft held approximately 24 per cent of Open AI ' s shares, down from 25 per cent in June this year, and down from about 27 per cent after the restructuring in 2025. Microsoft did not specify the reasons for this dilution.
The analysts noted that the data reflected the evolution of Microsoft ' s relationship with Open AI from a purely investment-to-investment relationship to a more complex strategic partnership. On the one hand, direct competition is taking place between business clients, the generation of artificial intelligence platforms and the development of tool markets; on the other hand, Open AI ' s dependence on Azure infrastructure and the long-term revenue-sharing mechanisms between the two sides have allowed Microsoft to continue to benefit from Open AI business growth.
This collaborative and competitive relationship between Microsoft and Open AI is emerging as one of the most interesting strategic alliances of the global science and technology industry as the artificial intelligence industry enters the scale business phase.
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