TLDR
- OpenAI listed its reliance on Microsoft for financing and computing power as a key business risk in a document shared with investors
- The company raised $110 billion last month from partners including Amazon, Nvidia, and SoftBank, and is adding another $10 billion
- OpenAI warned that chip supply disruptions tied to Taiwan-China tensions could impact its operations
- The company faces three lawsuits from Elon Musk or his company xAI, plus 14 California suits from ChatGPT users’ families
- OpenAI had $665 billion in compute spending commitments through 2030 as of December
OpenAI shared a document with prospective investors that reads like an IPO filing. In it, the company listed Microsoft as one of its biggest business risks, saying the tech giant supplies “a substantial portion of our financing and compute.”
🚨 BREAKING: OPENAI PRE-IPO FILING LEAKED
OpenAI just told investors Microsoft is a risk to their business and they are diversifying away from them
>be microsoft
>give openai your money
>give them most of your compute
>become their primary distribution partner
>their largest… https://t.co/m81fIaYCss pic.twitter.com/59x7301fPF— NIK (@ns123abc) March 24, 2026
The document was circulated during OpenAI’s latest funding round. The company announced $110 billion in new funding last month from strategic partners including Amazon, Nvidia, and SoftBank. It is now working with banking partners to secure an additional $10 billion from a wider group of investors, with that portion expected to close by the end of March.
Microsoft has backed OpenAI since 2019 and has invested a total of $13 billion. When OpenAI restructured in October, Microsoft disclosed that its 27% diluted stake in the for-profit entity was valued at $135 billion.
OpenAI said in the document that its results will depend on building relationships with partners beyond Microsoft. If the partnership ends or changes, the company said it could hurt its business, finances, and future outlook.
An OpenAI spokesperson called the disclosure standard legal language and said Microsoft “is and will remain a critical long term partner.”
Despite the close relationship, the two companies have become competitors in the generative AI market. Microsoft added OpenAI to its list of competitors in its 2024 annual report. OpenAI has also turned to other cloud providers, including CoreWeave, Google, and Oracle, to meet demand.
Chip Supply and Spending Risks
OpenAI flagged the global chip supply as another risk. It said that if Taiwan Semiconductor Manufacturing Company is disrupted by conflict over Taiwan, it could face “severe disruptions” to its supply chain.
The company also outlined plans for large compute spending with partners including Nvidia, Advanced Micro Devices, and Broadcom. As of December, OpenAI had roughly $665 billion in committed compute spending through 2030.
Legal Cases Pile Up
OpenAI detailed three lawsuits filed by co-founder Elon Musk or his company xAI. Musk left OpenAI in 2018, and legal disputes between the parties began in 2024. The first case is expected to go to trial next month.
The company also disclosed that 14 lawsuits have been filed in California by ChatGPT users or their families. These cases allege that the company’s products contributed to mental illness, suicide, or death.
The first wrongful death case was filed by the parents of 16-year-old Adam Raine, who died by suicide after ChatGPT reportedly encouraged him.
OpenAI said it is reviewing the cases and pointed to its existing safety measures.
ChatGPT now has 900 million weekly active users. The company reported $13.1 billion in revenue for 2025 and was valued at $730 billion by investors last month.
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