{"entity":{"id":"microsoft","name":"Microsoft","short":"Microsoft","kind":"public","ticker":"MSFT","note":"Holds about 27% of OpenAI Group PBC after the October 2025 recapitalization; booked a $3.2B gain on its Anthropic stake in the quarter to June 2026."},"outEdges":[{"id":"df0dbafdf2bd","from":"microsoft","to":"openai","type":"equity_investment","amountUsdB":13,"amountNote":"$13B committed ($1B in 2019 + $10B in January 2023); Microsoft's 10-Q for the quarter to 2025-09-30 put the funded amount at $11.6B. The October 2025 recapitalization left Microsoft with about 27% of OpenAI Group PBC (as-converted, diluted).","announced":"2023-01-23","status":"closed","source":"https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog (Oct 28 2025)","altSource":"https://www.sec.gov/Archives/edgar/data/789019/000119312525256321/msft-20250930.htm","confidence":"high"},{"id":"b22ddc2aa0b2","from":"microsoft","to":"openai","type":"revenue_share","amountNote":"Microsoft's revenue share to OpenAI (on Azure OpenAI / product revenue) ended: 'Microsoft will no longer pay a revenue share to OpenAI.' Amount never disclosed.","announced":"2026-04-27","status":"cancelled","source":"https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog (Apr 27 2026)","confidence":"high"},{"id":"e3c675ef4f71","from":"microsoft","to":"anthropic","type":"equity_investment","amountUsdB":5,"amountNote":"Up to $5B committed 2025-11-18; a portion closed inside the February 2026 Series G. Microsoft booked a $3.2B gain on the stake in its quarter to June 2026.","announced":"2025-11-18","status":"closed","source":"https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships","sourceLabel":"Anthropic","altSource":"https://techcrunch.com/2026/07/29/microsoft-logs-3-2b-from-anthropic-investment-but-openai-was-a-mixed-bag/","confidence":"high"},{"id":"bd8573042b0e","from":"microsoft","to":"coreweave","type":"compute_contract","amountUsdB":10,"amountNote":"'More than $10B' across five contracts through 2030 per CoreWeave's S-1, which also disclosed Microsoft was 62% of 2024 revenue (35% in 2023). Exact contract values not itemised.","announced":"2025-03-03","status":"closed","source":"https://www.sec.gov/Archives/edgar/data/1769628/000119312525044231/d899798ds1.htm","sourceLabel":"CoreWeave S-1","altSource":"https://www.theregister.com/2025/03/04/coreweave_ipo/","confidence":"medium"},{"id":"7ea4d5d55ee7","from":"microsoft","to":"nebius","type":"compute_contract","amountUsdB":17.4,"amountNote":"Five-year dedicated GPU capacity (Vineland, NJ); up to $19.4B with options.","announced":"2025-09-08","status":"announced","source":"https://nebius.com/newsroom/nebius-announces-multi-billion-dollar-agreement-with-microsoft-for-ai-infrastructure","sourceLabel":"Nebius newsroom","altSource":"https://www.cnbc.com/2025/09/09/nebius-nbis-soars-after-ai-infrastructure-deal-with-microsoft-msft.html","confidence":"high"},{"id":"6cd02bacf01c","from":"microsoft","to":"lambda","type":"compute_contract","amountNote":"'Multibillion-dollar' multi-year deal for tens of thousands of GB300 GPUs; value undisclosed.","announced":"2025-11-03","status":"announced","source":"https://techcrunch.com/2025/11/03/lambda-inks-multi-billion-dollar-ai-infrastructure-deal-with-microsoft/","sourceLabel":"TechCrunch","confidence":"medium"},{"id":"c294c4ebd5e7","from":"microsoft","to":"iren","type":"compute_contract","amountUsdB":9.7,"amountNote":"Five-year GB300 cloud contract with a 20% prepayment (IREN 8-K).","announced":"2025-11-03","status":"announced","source":"https://www.sec.gov/Archives/edgar/data/1878848/000114036125040072/ef20058139_ex99-1.htm","sourceLabel":"IREN 8-K","confidence":"high"},{"id":"df8f9470ffe8","from":"microsoft","to":"nscale","type":"compute_contract","amountUsdB":23,"amountNote":"Approximate aggregate of several 2025 agreements (Norway ~$6.2B Sept 2025, Texas ~$14B Oct 2025, UK/Portugal) per DCD's tally; individual contracts partly undisclosed. DCD put Microsoft's total neocloud commitments above $60B by Nov 2025.","announced":"2025-10-15","status":"announced","source":"https://www.datacenterdynamics.com/en/news/microsofts-neocloud-spending-surpasses-60bn/","sourceLabel":"DCD","confidence":"medium"}],"inEdges":[{"id":"f8615684d6f4","from":"openai","to":"microsoft","type":"compute_contract","amountUsdB":250,"amountNote":"'Incremental $250B of Azure services' contracted; Microsoft lost right of first refusal on OpenAI compute. April 2026 amendment kept Azure as primary cloud / first-ship platform; Feb 2026 joint statement: Azure remains exclusive for stateless OpenAI API calls.","announced":"2025-10-28","status":"announced","source":"https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog","altSource":"https://openai.com/index/next-chapter-of-microsoft-openai-partnership/","confidence":"high"},{"id":"04735291f7dd","from":"openai","to":"microsoft","type":"revenue_share","amountUsdB":38,"amountNote":"Cap, reported. Companies confirmed (2026-04-27) revenue share continues through 2030 'at the same percentage but subject to a total cap', independent of AGI; the ~20% rate and $38B cap are per The Information (May 2026), not confirmed by either company.","announced":"2026-04-27","status":"closed","source":"https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog (Apr 27 2026)","altSource":"https://www.cnbc.com/2026/04/27/openai-microsoft-partnership-revenue-cap.html","confidence":"medium"},{"id":"8f18857cdffc","from":"anthropic","to":"microsoft","type":"compute_contract","amountUsdB":30,"amountNote":"'Committed to purchase $30 billion of Azure compute capacity and to contract additional compute capacity up to one gigawatt.'","announced":"2025-11-18","status":"announced","source":"https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships","sourceLabel":"Anthropic","altSource":"https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/","confidence":"high"}],"outUsdB":78.1,"inUsdB":318,"partners":[{"id":"openai","name":"OpenAI","outUsdB":13,"inUsdB":288,"deals":3,"circular":true},{"id":"anthropic","name":"Anthropic","outUsdB":5,"inUsdB":30,"deals":2,"circular":true},{"id":"nscale","name":"Nscale","outUsdB":23,"inUsdB":0,"deals":1,"circular":false},{"id":"nebius","name":"Nebius Group","outUsdB":17.4,"inUsdB":0,"deals":1,"circular":false},{"id":"coreweave","name":"CoreWeave","outUsdB":10,"inUsdB":0,"deals":1,"circular":false},{"id":"iren","name":"IREN","outUsdB":9.7,"inUsdB":0,"deals":1,"circular":false},{"id":"lambda","name":"Lambda","outUsdB":0,"inUsdB":0,"deals":1,"circular":false}],"circularPairs":[{"a":{"id":"openai","name":"OpenAI","short":"OpenAI","kind":"private","valuationUsdB":852,"valuationAsOf":"2026-03-31","valuationSource":"https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html","note":"$122B round closed 2026-03-31 at $852B post-money (Amazon $50B, SoftBank $30B, Nvidia $30B). Confidential draft S-1 submitted to the SEC on 2026-06-08."},"b":{"id":"microsoft","name":"Microsoft","short":"Microsoft","kind":"public","ticker":"MSFT","note":"Holds about 27% of OpenAI Group PBC after the October 2025 recapitalization; booked a $3.2B gain on its Anthropic stake in the quarter to June 2026."},"aToB":[{"from":"openai","to":"microsoft","type":"compute_contract","amountUsdB":250,"amountNote":"'Incremental $250B of Azure services' contracted; Microsoft lost right of first refusal on OpenAI compute. April 2026 amendment kept Azure as primary cloud / first-ship platform; Feb 2026 joint statement: Azure remains exclusive for stateless OpenAI API calls.","announced":"2025-10-28","status":"announced","source":"https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog","altSource":"https://openai.com/index/next-chapter-of-microsoft-openai-partnership/","confidence":"high"},{"from":"openai","to":"microsoft","type":"revenue_share","amountUsdB":38,"amountNote":"Cap, reported. Companies confirmed (2026-04-27) revenue share continues through 2030 'at the same percentage but subject to a total cap', independent of AGI; the ~20% rate and $38B cap are per The Information (May 2026), not confirmed by either company.","announced":"2026-04-27","status":"closed","source":"https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog (Apr 27 2026)","altSource":"https://www.cnbc.com/2026/04/27/openai-microsoft-partnership-revenue-cap.html","confidence":"medium"}],"bToA":[{"from":"microsoft","to":"openai","type":"equity_investment","amountUsdB":13,"amountNote":"$13B committed ($1B in 2019 + $10B in January 2023); Microsoft's 10-Q for the quarter to 2025-09-30 put the funded amount at $11.6B. The October 2025 recapitalization left Microsoft with about 27% of OpenAI Group PBC (as-converted, diluted).","announced":"2023-01-23","status":"closed","source":"https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog (Oct 28 2025)","altSource":"https://www.sec.gov/Archives/edgar/data/789019/000119312525256321/msft-20250930.htm","confidence":"high"}],"aToBUsdB":288,"bToAUsdB":13},{"a":{"id":"anthropic","name":"Anthropic","short":"Anthropic","kind":"private","valuationUsdB":965,"valuationAsOf":"2026-05-28","valuationSource":"https://www.anthropic.com/news/series-h","note":"Series G: $30B at $380B post-money (2026-02-12). Series H: $65B at $965B post-money (2026-05-28; run-rate revenue above $47B). Confidential draft S-1 submitted on 2026-06-01."},"b":{"id":"microsoft","name":"Microsoft","short":"Microsoft","kind":"public","ticker":"MSFT","note":"Holds about 27% of OpenAI Group PBC after the October 2025 recapitalization; booked a $3.2B gain on its Anthropic stake in the quarter to June 2026."},"aToB":[{"from":"anthropic","to":"microsoft","type":"compute_contract","amountUsdB":30,"amountNote":"'Committed to purchase $30 billion of Azure compute capacity and to contract additional compute capacity up to one gigawatt.'","announced":"2025-11-18","status":"announced","source":"https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships","sourceLabel":"Anthropic","altSource":"https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/","confidence":"high"}],"bToA":[{"from":"microsoft","to":"anthropic","type":"equity_investment","amountUsdB":5,"amountNote":"Up to $5B committed 2025-11-18; a portion closed inside the February 2026 Series G. Microsoft booked a $3.2B gain on the stake in its quarter to June 2026.","announced":"2025-11-18","status":"closed","source":"https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships","sourceLabel":"Anthropic","altSource":"https://techcrunch.com/2026/07/29/microsoft-logs-3-2b-from-anthropic-investment-but-openai-was-a-mixed-bag/","confidence":"high"}],"aToBUsdB":30,"bToAUsdB":5}]}