微软披露单季来自OpenAI收入100亿美元，约占总营收11%
Microsoft recorded $10 billion in revenue from OpenAI
- 1微软披露9月止季度来自OpenAI商业安排的收入达100亿美元，约占总营收923亿美元的11%
- 22026财年全年来自OpenAI的收入达241亿美元，按最新季度节奏推算年化约400亿美元
- 3微软9月底对OpenAI应收账款升至72亿美元，高于6月底的60亿美元，属欠款而非新增收入
- 4按2026年4月协议，OpenAI收入分成延续至2030年且设上限，微软持股9月降至24%
OpenAI相关收入已成微软约一成营收的支柱，且应收账款同步走高，伙伴与竞争者的双重关系带来集中度风险。
- 影响：微软约11%营收系于单一伙伴，OpenAI经营或采购策略变化会直接冲击其报表；应收账款升至72亿美元增加对手方风险；双方竞争加剧的同时收入绑定延续到2030年，企业可据此评估Azure与OpenAI组合的稳定性。
- 参考：可考虑把大模型供应商依赖度纳入预算风险盘点，先算出单一云加单一模型组合的中断敞口；值得跟踪微软财报中OpenAI应收与分成口径的变化，作为判断双方关系走向的参考。
- 依据：季度100亿美元与2026财年241亿美元均出自微软监管文件，为官方口径；20%分成比例与净分成8.658亿美元来自泄露文件转述，双方未公开确认。
Microsoft generated $10 billion in revenue from commercial arrangements with OpenAI, including revenue-sharing payments, in the quarter ended September 30, the company said in regulatory filing on Wednesday. That represents nearly 11% of Microsoft’s total quarterly revenue of $92.3 billion, highlighting the enormous financial ties that remain between the two companies even as they increasingly compete for the same customers.
(Microsoft’s financial year begins in July, making the quarter ended September 30, 2026 the first quarter of its fiscal 2027.)
For the full 2026 fiscal year, revenue from OpenAI hit $24.1 billion. At its latest quarterly pace, Microsoft would pull in $40 billion annually from OpenAI-related arrangements.
Microsoft also reported $7.2 billion in outstanding receivables from OpenAI at the end of September, up from $6 billion at the end of June. That money represents amounts OpenAI owes for previous transactions, not additional revenue.
It’s not clear how much of Microsoft’s revenue from OpenAI came from revenue-sharing payments or Azure cloud computing services. TechCrunch has reached out for more information. In November 2025, TechCrunch reported, citing leaked documents, that Microsoft had received $865.8 million in net revenue-sharing payments from OpenAI during the first nine months of that year.
OpenAI reportedly shares 20% of its revenue with Microsoft as part of a previous deal in which the software giant invested more than $13 billion in the AI startup. (Neither the AI lab nor Microsoft have publicly confirmed this percentage.) As part of an April 2026 agreement, OpenAI is on the hook to conitnue sharing revenue with Microsoft through 2030, subject to a cap, even as OpenAI is allowed to work with competing cloud providers.
The companies began loosening the ties of their once-exclusive partnership in October 2025, when Microsoft relinquished its hold on OpenAI to give the startup more freedom to partner with other cloud providers. In exchange, OpenAI committed to buying an additional $250 billion in Azure services as part of an October 2025 agreement.
Microsoft’s ownership stake in OpenAI has also declined slightly from about 25% in June to 24% in September. That continues a gradual decline from roughly 27% following the October 2025 recapitalization. Microsoft did not specify what caused the dilution.
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Rebecca Bellan is a senior reporter at TechCrunch where she covers the business, policy, and emerging trends shaping artificial intelligence. Her work has also appeared in Forbes, Bloomberg, The Atlantic, The Daily Beast, and other publications.
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来源：TechCrunch · AI · techcrunch.com