Microsoft has revealed for the first time how much its deal with OpenAI brings in: $10 billion for July-September. The figure was disclosed in the 10-Q filing. That is about 11% of the corporation's total revenue for the quarter.
Form 10-Q is a mandatory quarterly document that US public companies file with the SEC market regulator. Previously, Microsoft did not disclose such OpenAI data.
For a trader, this is the first official measurement of how much one of the market heavyweights' growth depends on a single partner.
How much is that in money?
- $92.3 billion - Microsoft's total revenue for the quarter
- 19% - year-over-year growth
- tenth consecutive reporting period with a record
- $24.1 billion - how much OpenAI brought in for fiscal 2026, which closed on June 30
The $10 billion includes revenue-sharing payments. OpenAI gives Microsoft a share of its revenue.
What about OpenAI's debt?
OpenAI's debt to the corporation is growing. By September 30 it had risen to $7.2 billion versus $6 billion at the end of June. That is up 20% for the quarter.
- Investment commitments. Microsoft stated investments of $13 billion.
- Already closed. Of this amount, the corporation has contributed $12 billion.
How is the deal structured?
The terms were set by the April agreement. OpenAI can sell products through any cloud provider. Microsoft, meanwhile, remains the primary partner.
- License until 2032. Microsoft holds a non-exclusive license to OpenAI's models.
- Royalties until 2030. A portion of OpenAI's revenue goes to the corporation and is capped by an overall limit.
- No reverse payments. Microsoft is no longer obligated to share its revenue with OpenAI.
What does this mean for a trader?
A rare case. The AI figure is visible not in a presentation, but in a document for the regulator.
Microsoft is one of the heavyweights of the S&P 500 and Nasdaq. Now it is clear what share of its growth is tied to a single partner. The dates of reports and key events are in the economic calendar.
Key point: in October, Microsoft showed the third generation of its Maia 300 chip. Deployment into workloads is stated from 2027.
Did you hold Nasdaq on the evening of the report?
A report from such a heavyweight moves the entire index in a single evening. The frustrating thing here is not making a mistake, but getting everything right on an account where a 3% move in Nasdaq earns you the price of a pizza. In prop trading, the trading nominal is provided by the company: you pay for the selection, pass it within its limits, and then work with its funds. The earnings season for major technology companies is still ongoing. It makes more sense to understand the mechanics before the next such evening.