OpenAI’s pre-IPO investor document landed this week, and the most interesting part isn’t the $830 billion valuation target or the Q4 2026 IPO timeline. It’s the section where OpenAI tells prospective investors, in writing, that Microsoft is a risk to their business.
The filing reads:
“If Microsoft modifies or terminates its commercial partnership with us, or if we are unable to successfully diversify our business partners, our business, prospects, operating results and financial condition could be adversely affected.”
That’s the company that gave OpenAI $13.8 billion, most of its compute, and its primary distribution channel being formally listed as a threat.
It’s crazy.