Leaked documents shed light into how much OpenAI pays Microsoft

After a twelvemonth of frenzied dealmaking and rumors of an upcoming IPO, the fiscal scrutiny into OpenAI is intensifying. Leaked documents obtained by tech blogger Ed Zitron supply much of a glimpse into OpenAI’s financials – specifically its gross and compute costs implicit the past mates of years.  

Zitron reported this week that successful 2024, Microsoft received $493.8 cardinal successful gross stock payments from OpenAI. In the archetypal 3 quarters of 2025, that fig jumped to $865.8 million, according to documents helium viewed.

OpenAI reportedly shares 20% of its gross with Microsoft arsenic portion of a erstwhile woody wherever the bundle elephantine invested implicit $13 cardinal successful the almighty AI startup. (Neither the startup nor the radical successful Redmond person publically confirmed this percentage.)

However, this is wherever things get a small sticky due to the fact that Microsoft besides shares gross with OpenAI, kicking back about 20% of the revenues from Bing and Azure OpenAI Service, a root acquainted with the substance told TechCrunch. Bing is powered by OpenAI, and the OpenAI Service sells unreality entree to OpenAI’s models to developers and businesses.  

The root besides told TechCrunch that the leaked payments notation to Microsoft’s nett gross share, not the gross gross share. In different words, they don’t see immoderate Microsoft paid to OpenAI from Bing and Azure OpenAI royalties. Microsoft deducts those figures from its internally reported gross stock numbers, according to this person.

Microsoft doesn’t interruption retired however overmuch it makes from Bing and Azure OpenAI successful its fiscal statements, truthful it’s hard to estimation however overmuch the tech elephantine is kicking back.

Nevertheless, the leaked documents supply a model into the hottest institution connected the backstage markets contiguous – and not conscionable however overmuch it makes successful revenue, but besides however overmuch it’s spending successful examination to that revenue.  

So, based connected that wide reported 20% revenue-share statistic, we tin infer that OpenAI’s gross was astatine slightest $2.5 cardinal successful 2024 and $4.33 cardinal successful the archetypal 3 quarters of 2025 – but precise apt to beryllium more. Previous reports from The Information enactment OpenAI’s 2024 revenue astatine astir $4 billion, and its gross from the archetypal fractional of 2025 astatine $4.3 billion.  

Altman besides precocious said OpenAI’s gross is “well more” than reports of $13 cardinal a year, volition extremity the twelvemonth supra $20 cardinal successful annualized gross tally rate (which is simply a projection, not guidance connected existent revenue) and that the institution could adjacent deed $100 cardinal by 2027. 

Per Zitron’s analysis, OpenAI whitethorn person spent astir $3.8 cardinal connected inference successful 2024. That walk accrued to astir $8.65 cardinal successful the archetypal 9 months of 2025. Inference is the compute utilized to tally a trained AI exemplary to make responses.  

OpenAI has historically astir exclusively relied connected Microsoft Azure to supply compute access, though it has besides struck deals with CoreWeave and Oracle, and much precocious with AWS and Google Cloud. 

Previous reports enactment OpenAI’s full compute walk astatine roughly $5.6 cardinal for 2024 and its “cost of revenue” astatine $2.5 cardinal for the archetypal fractional of 2025.  

A root acquainted with the substance told TechCrunch that portion OpenAI’s grooming walk is mostly non-cash – meaning, paid by credits Microsoft awarded OpenAI arsenic portion of its concern – the firm’s inference walk is mostly cash. (Training refers to the compute resources needed to initially bid a model.)

While not a implicit picture, these numbers connote that OpenAI could beryllium spending more connected inference costs than it is earning successful revenue. 

And those implications committedness to adhd to the incessant AI bubble chatter that has seeped into each speech from New York City to Silicon Valley. If exemplary elephantine OpenAI truly inactive is successful the reddish moving its models, what mightiness this mean for the monolithic investments astatine jaw-dropping valuations for the remainder of the AI world?

OpenAI declined to comment. Microsoft did not respond to TechCrunch’s petition for comment.

Got a delicate extremity oregon confidential documents? We’re reporting connected the interior workings of the AI manufacture — from the companies shaping its aboriginal to the radical impacted by their decisions. Reach retired to Rebecca Bellan at rebecca.bellan@techcrunch.com or Russell Brandom at russell.brandom@techcrunch.com. For unafraid communication, you tin interaction them via Signal at @rebeccabellan.491 and russellbrandom.49.