Who owns and funds OpenAI

The short answer

Microsoft is OpenAI’s largest disclosed shareholder: its latest 10-Q describes an equity-method investment representing about 24% of OpenAI on an as-converted basis. Amazon became a major investor in 2026, buying $50 billion of OpenAI preferred stock. Nvidia has guaranteed OpenAI’s leases at an Ohio data-center campus, capped at $105 billion, and AMD has given OpenAI a warrant for up to 160 million AMD shares tied to its GPU purchases.

Those are the stakes listed companies disclose. OpenAI has other investors, including its own foundation and employees, and investors that don’t file with the SEC, whose holdings these filings don’t show. So this page answers a narrower question than “who owns OpenAI?”: which public companies have money at stake in OpenAI, how much, and in what form.

The answer matters to investors in those companies because the money runs both ways. The same companies that fund OpenAI sell it computing, so OpenAI’s spending shows up as their revenue and backlog. Microsoft recorded $24.1B of revenue from OpenAI in its fiscal 2026, about 7% of its revenue over the latest four quarters, and OpenAI has committed $156B to Amazon and CoreWeave.

Microsoft: about a quarter, and $24 billion a year back

Microsoft’s partnership with OpenAI began in 2019. Its filings describe total funding commitments of $13.0 billion, of which $11.9 billion had been funded by June 30, 2026, and an equity-method investment that its latest 10-Q puts at about 24% of OpenAI on an as-converted basis, down from about 25% in its 10-K, as OpenAI has raised money from others.

In October 2025 OpenAI formed a public benefit corporation and recapitalized. Microsoft’s fiscal 2026 10-K says its proportionate ownership fell as a result of the recapitalization and other funding, and that it recorded dilution gains: net gains from investments in OpenAI added $5.0 billion, or $0.67 a share, to its fiscal 2026 net income. Microsoft excludes those gains from its adjusted figures.

Because OpenAI is an equity-method investee, it is a related party under the accounting rules, so Microsoft must disclose its revenue from OpenAI. That disclosure is the most important number on this page: $24.1 billion in fiscal 2026, including revenue-sharing payments, and $10.0 billion in the September 2026 quarter alone. Microsoft also holds rights to OpenAI’s intellectual property for use in its own products.

• Microsoft: Microsoft’s stake in OpenAI

  “We have an investment accounted for under the equity method that represents an approximate 24% interest on an as-converted basis.”

  Microsoft 10-Q, filed October 28, 2026

• Microsoft: $11.9B funded of $13.0B committed

  “We have made total funding commitments of $13.0 billion related to our investment, of which $11.9 billion has been funded as of June 30, 2026.”

  Microsoft 10-K, filed July 29, 2026

• Microsoft: OpenAI’s recapitalization

  “In October 2025, OpenAI formed a public benefit corporation and completed a recapitalization ("OpenAI Recapitalization").”

  Microsoft 10-K, filed July 29, 2026

• Microsoft: $24.1B of Microsoft revenue in FY2026

  “For fiscal year 2026, we recorded revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, of $24.1 billion, and accounts receivable from OpenAI as of June 30, 2026 was $6.0 billion.”

  Microsoft 10-K, filed July 29, 2026

• Microsoft: Microsoft revenue from OpenAI, latest quarter

  “For the three months ended September 30, 2026, we recorded revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, of $10.0 billion.”

  Microsoft 10-Q, filed October 28, 2026

Amazon: $50 billion in, $138 billion back to AWS

Amazon’s 2026 10-Qs describe a second large shareholder arriving quickly. In the first quarter of 2026 Amazon invested $15.0 billion in OpenAI’s Series C preferred stock and agreed to buy $35.0 billion more; it invested $28.7 billion in the first half and the remaining $21.3 billion after June 30, bringing the total to $50 billion.

The same filing describes OpenAI’s side of the bargain. OpenAI expanded an existing $38.0 billion multi-year commitment to AWS by $100.0 billion over eight years, including contractual obligations tied to the performance of AWS’s own chips. As with Anthropic, Amazon is both a shareholder and a supplier, and the commitment OpenAI made to AWS is many times the cash Amazon put in.

Amazon carries its preferred stock in OpenAI and Anthropic together. At June 30, 2026, those private-company stakes were carried at $122.3 billion, up from $16.2 billion six months earlier, much of it from gains recorded as each company raised money at higher prices.

• Amazon: $50B of preferred stock: $15B invested, $35B committed

  “We also invested $15.0 billion in Series C Preferred Stock of OpenAI and entered into an equity commitment letter agreement (the "Letter Agreement"), pursuant to which we agreed to purchase additional shares of Series C Preferred Stock (the "Commitment Shares") with an aggregate purchase price of $35.0 billion (the "Commitment Amount").”

  Amazon 10-Q, filed July 31, 2026

• Amazon: The rest of Amazon’s OpenAI commitment

  “Subsequent to June 30, 2026, we invested the remaining $21.3 billion Commitment Amount in shares of Series C Preferred Stock of OpenAI.”

  Amazon 10-Q, filed July 31, 2026

• Amazon: $38B AWS commitment, expanded by $100B over 8 years

  “In Q1 2026, AWS and OpenAI Group PBC ("OpenAI") announced an expansion of the existing $38.0 billion multi-year commitment and commercial arrangement with OpenAI by $100.0 billion over 8.0 years, which includes contractual obligations related to the performance of AWS chips.”

  Amazon 10-Q, filed July 31, 2026

• Amazon: Carrying value of Amazon’s Anthropic and OpenAI stakes

  “As of December 31, 2025 and June 30, 2026, equity investments in private companies not accounted for under the equity-method, which primarily relate to nonvoting preferred stock in Anthropic and preferred stock in OpenAI, had a carrying value of $16.2 billion and $122.3 billion, with adjustments for observable changes in prices or impairments representing Level 3 fair value measurements recognized in "Other income (expense), net" on our consolidated statements of operations.”

  Amazon 10-Q, filed July 31, 2026

Nvidia: guarantees rather than shares

Nvidia’s fiscal 2026 10-K said it was finalizing an investment and partnership agreement with OpenAI, with no assurance a transaction would be completed. Its latest 10-Q discloses a different kind of support: guarantees, entered into in August 2026, capped at $105 billion, on leases for about 4.25 gigawatts of data-center capacity that SB Energy is building for an OpenAI affiliate in Pike County, Ohio. The campus will host Nvidia’s computing under 20-year leases to OpenAI.

A guarantee is not cash, but it is risk. Nvidia’s exposure declines as OpenAI pays its rent, and the guarantees end if OpenAI achieves a satisfactory credit rating. If OpenAI could not pay, Nvidia says it might assume the leases, seek a replacement tenant or pursue other remedies, and that it may not recover its losses promptly or in full.

• Nvidia: Nvidia on an OpenAI investment

  “We are finalizing an investment and partnership agreement with OpenAI.”

  Nvidia 10-K, filed February 25, 2026

• Nvidia: The OpenAI campus Nvidia guarantees

  “In August 2026, we entered into guarantees, capped at a total of $105 billion, to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp. (SB Energy) on behalf of a customer, an affiliate of OpenAI Group PBC (OpenAI), related to leases for approximately 4.25 gigawatts of IT load in the aggregate at SB Energy’s PORTS Technology Campus in Pike County, Ohio.”

  Nvidia 10-Q, filed August 26, 2026

• Nvidia: Lease guarantees for OpenAI, capped at $105B

  “The campus will exclusively host our compute under 20-year leases to OpenAI, subject to limited exceptions, with our obligation capped at $105 billion in the aggregate, subject to certain conditions including SB Energy, the lessor, satisfying applicable ready-for-service conditions.”

  Nvidia 10-Q, filed August 26, 2026

AMD, CoreWeave and Oracle

AMD signed an agreement in October 2025 under which OpenAI intends to deploy up to 6 gigawatts of AMD data-center GPUs, and issued OpenAI a warrant to buy up to 160 million AMD shares at a penny each, vesting as OpenAI hits purchase milestones and AMD’s share price hits targets. It is effectively a discount on the GPUs, paid in AMD stock.

CoreWeave signed a master services agreement with OpenAI in March 2025 under which OpenAI committed up to about $11.9 billion through October 2030, and a further order form in September 2025 for up to about $6.5 billion through May 2031. CoreWeave lists OpenAI among its significant customers, alongside Microsoft, which supplied 67% of its 2025 revenue.

Oracle is often described as one of OpenAI’s largest suppliers, and its remaining performance obligations of $664 billion are the largest in the stack. But Oracle’s filings don’t name OpenAI, so we don’t link the two on this page. The same applies to any company whose filings don’t name OpenAI: we only show what a filing states.

• AMD: AMD’s OpenAI and Meta agreements

  “In October 2025 and February 2026, we entered into multi-year agreements with OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), respectively, under which each customer intends to deploy up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by our AMD Instinct MI450 series products.”

  AMD 10-Q, filed August 5, 2026

• AMD: Warrant for up to 160M AMD shares at $0.01

  “In October 2025 and February 2026, the Company issued warrants to OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), each entitling the holder the right to purchase up to 160 million shares of the Company’s common stock at an exercise price of $0.01 per share (the OpenAI Warrant and the Meta Warrant, respectively).”

  AMD 10-Q, filed August 5, 2026

• CoreWeave: Up to $11.9B through October 2030 (first agreement)

  “For example, in March 2025, we entered into a master services agreement with OpenAI, a private company, pursuant to which OpenAI has committed to pay us up to approximately $11.9 billion through October 2030.”

  CoreWeave 10-K, filed March 2, 2026

• CoreWeave: Up to $6.5B through May 2031 (one order form)

  “In May 2025, we entered into a master services agreement with OpenAI OpCo, LLC ("OpenAI") and in September 2025, we entered into an order form under this master services agreement pursuant to which OpenAI committed to pay us up to approximately $6.5 billion through May 31, 2031 and, as a result, we expect OpenAI to be a significant customer in future periods.”

  CoreWeave 10-Q, filed August 12, 2026

What it adds up to

Add it up and listed companies have put at least $167B of equity, guarantees and credit behind OpenAI, while OpenAI has committed $156B to buy computing from two of them. That is the clearest example in the stack of the money loop: the suppliers are also the financiers, and the customer’s ability to pay depends on raising more money from investors.

For investors in Microsoft, Amazon, Nvidia, AMD and CoreWeave, OpenAI is therefore a concentrated exposure that shows up in several places at once: revenue and backlog, investment gains and losses, and guarantees that would only matter if something went wrong. None of that is a reason to expect a problem. It is a reason to read these lines in each company’s filings every quarter, and to watch whether OpenAI’s own revenue grows into the commitments it has made.

• 1Microsoft → OpenAIEquity investment

  $11.9B funded of $13.0B committed

  “We have made total funding commitments of $13.0 billion related to our investment, of which $11.9 billion has been funded as of June 30, 2026.”

  Microsoft 10-K for the period ended June 30, 2026, filed July 29, 2026

• 2OpenAI → MicrosoftReported revenue

  $24.1B of Microsoft revenue in FY2026

  “For fiscal year 2026, we recorded revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, of $24.1 billion, and accounts receivable from OpenAI as of June 30, 2026 was $6.0 billion.”

  Microsoft 10-K for the period ended June 30, 2026, filed July 29, 2026

• 7Amazon → OpenAIEquity investment

  $50B of preferred stock: $15B invested, $35B committed

  “We also invested $15.0 billion in Series C Preferred Stock of OpenAI and entered into an equity commitment letter agreement (the "Letter Agreement"), pursuant to which we agreed to purchase additional shares of Series C Preferred Stock (the "Commitment Shares") with an aggregate purchase price of $35.0 billion (the "Commitment Amount").”

  Amazon 10-Q for the period ended June 30, 2026, filed July 31, 2026

• 8OpenAI → AmazonPurchase commitment

  $38B AWS commitment, expanded by $100B over 8 years

  “In Q1 2026, AWS and OpenAI Group PBC ("OpenAI") announced an expansion of the existing $38.0 billion multi-year commitment and commercial arrangement with OpenAI by $100.0 billion over 8.0 years, which includes contractual obligations related to the performance of AWS chips.”

  Amazon 10-Q for the period ended June 30, 2026, filed July 31, 2026

• 10OpenAI → CoreWeavePurchase commitment

  Up to $11.9B through October 2030 (first agreement)

  “For example, in March 2025, we entered into a master services agreement with OpenAI, a private company, pursuant to which OpenAI has committed to pay us up to approximately $11.9 billion through October 2030.”

  CoreWeave 10-K for the period ended December 31, 2025, filed March 2, 2026

• 11Nvidia → OpenAICredit or guarantee

  Lease guarantees for OpenAI, capped at $105B

  “The campus will exclusively host our compute under 20-year leases to OpenAI, subject to limited exceptions, with our obligation capped at $105 billion in the aggregate, subject to certain conditions including SB Energy, the lessor, satisfying applicable ready-for-service conditions.”

  Nvidia 10-Q for the period ended July 26, 2026, filed August 26, 2026

• 18OpenAI → CoreWeavePurchase commitment

  Up to $6.5B through May 2031 (one order form)

  “In May 2025, we entered into a master services agreement with OpenAI OpCo, LLC ("OpenAI") and in September 2025, we entered into an order form under this master services agreement pursuant to which OpenAI committed to pay us up to approximately $6.5 billion through May 31, 2031 and, as a result, we expect OpenAI to be a significant customer in future periods.”

  CoreWeave 10-Q for the period ended June 30, 2026, filed August 12, 2026

• 19AMD → OpenAICustomer warrant

  Warrant for up to 160M AMD shares at $0.01

  “In October 2025 and February 2026, the Company issued warrants to OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), each entitling the holder the right to purchase up to 160 million shares of the Company’s common stock at an exercise price of $0.01 per share (the OpenAI Warrant and the Meta Warrant, respectively).”

  AMD 10-Q for the period ended June 27, 2026, filed August 5, 2026