微软单季度从 OpenAI 录得 100 亿美元营收，占其总收入超一成

微软在周三提交的一份监管申报文件中表示，在截至 9 月 30 日的季度内，公司通过与 OpenAI 的商业合作（包括收入分成款项）获得了 100 亿美元的营收。这占到微软当季 923 亿美元总营收的近 11%，突显出尽管两家公司在争夺相同客户上的竞争日益激烈，但彼此之间依然存在着极其深厚的财务绑定关系。

（微软的财年始于 7 月，因此截至 2026 年 9 月 30 日的季度为微软 2027 财年的第一季度。）

在整个 2026 财年，来自 OpenAI 的营收达到了 241 亿美元。按最新季度的速度计算，微软每年将从与 OpenAI 相关的合作安排中获得高达 400 亿美元的收入。

微软还披露，截至 9 月底，来自 OpenAI 的未收应收账款为 72 亿美元，高于 6 月底的 60 亿美元。这笔资金代表 OpenAI 此前交易所欠的款项，并非新增营收。

目前尚不清楚微软来自 OpenAI 的营收中有多少来自收入分成，有多少来自 Azure 云计算服务。TechCrunch 已联系微软寻求更多信息。2025 年 11 月，TechCrunch 援引泄露文件报道称，微软在该年前 9 个月内从 OpenAI 获得了 8.658 亿美元的净收入分成款项。

据报道，作为这家软件巨头此前向 AI 初创公司投资超 130 亿美元早期交易的一部分，OpenAI 会将其营收的 20% 分成给微软。（这家 AI 实验室和微软均未公开证实过这一具体比例。）根据 2026 年 4 月达成的一项协议，即使 OpenAI 获准与其他竞品云服务商合作，在设定上限的前提下，OpenAI 仍有义务在 2030 年前继续向微软分享收入。

两家公司自 2025 年 10 月起开始放宽曾一度排他的独家伙伴关系，当时微软放弃了对 OpenAI 的部分独家限制，让该初创公司有更多自由与其他云提供商合作。作为交换，根据 2025 年 10 月达成的协议，OpenAI 承诺额外采购价值 2500 亿美元的 Azure 服务。

与此同时，微软在 OpenAI 的持股比例也略有下降，从 6 月份的约 25% 降至 9 月份的 24%。这延续了自 2025 年 10 月资本重组后从约 27% 逐步稀释的趋势。微软并未具体说明导致该持股稀释的原因。

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 a 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 continue 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.