Microsoft has restructured its OpenAI investment following OpenAI's conversion to a public benefit corporation and recapitalization, establishing a $135B valuation and securing a 27% equity stake. Under the revised agreement, Microsoft retains exclusive IP rights and Azure API exclusivity until AGI is declared, but that AGI declaration is now subject to independent expert verification rather than OpenAI's unilateral determination. Microsoft's product IP rights are extended to 2032 and now explicitly cover post-AGI models, research IP protection runs through 2030 or AGI verification (whichever is first), and non-research IP (including model weights, inference code, and data-center hardware/software) remains protected indefinitely. OpenAI has committed to purchase an incremental $250B of Azure services but loses the right of first refusal for compute provision, and may now co-develop some products with third parties and release open-weight models meeting capability criteria. For financial institutions, this signals a material de-risking of Microsoft's OpenAI bet through equity upside capture and explicit IP carve-outs post-AGI, while simultaneously flagging reduced exclusivity (OpenAI can use non-Azure providers and partner with competitors), which narrows Microsoft's compute moat relative to the prior arrangement.
461 other tracked developments touching the same claims.