OpenAI's Prospectus Highlights Microsoft Dependence and $730B Valuation

As its listing process enters the final phase, OpenAI has recently provided a comprehensive financial and risk disclosure document to potential investors. This document, structured similarly to an IPO prospectus, reveals significant "concerns" beneath the AI giant's stellar performance. Notably, its deep symbiotic relationship with Microsoft is officially cited as a major future business risk.

OpenAI explicitly states within the document that the company relies heavily on Microsoft for both financing and critical computing infrastructure.

Risk of Single-Point Dependency: Any modification or termination of the commercial agreement by Microsoft, or a failure by OpenAI to diversify its partnerships, would directly impact its business performance.

Growing Competitive Tensions: Despite being strategic allies, the two companies are increasingly competing in market expansion. To mitigate dependency risks, OpenAI has begun migrating portions of its operations to alternative cloud platforms like Google and Oracle.

Explosive Growth: 900 Million Active Users Underpin a 5 Trillion Yuan Valuation

Despite the carefully outlined risk warnings, OpenAI's financial metrics have ignited excitement in capital markets:

Valuation Peak: Following last month's $110 billion funding round from investors including NVIDIA and SoftBank, OpenAI's valuation has surged to $730 billion (approximately 5.04 trillion RMB).

Revenue Surge: Annual revenue hit $13.1 billion in 2025, while weekly active users for its flagship product, ChatGPT, have grown to 900 million.

The 'Spending' Bill for the Next Decade

The disclosure also contains staggering financial forecasts. To maintain its technological leadership, OpenAI anticipates its cumulative expenditure on computing resources, data centers, and related infrastructure will reach $665 billion by 2030. This points to sustained high levels of capital investment in the years ahead.

Legal Challenges and Safety Concerns

The risk section further details several contentious issues:

Musk's Lawsuit: The legal dispute with Elon Musk and his company, xAI, is scheduled to go to trial next month.

Safety-Related Litigation: OpenAI faces at least 14 lawsuits alleging that ChatGPT contributed to mental health issues or even suicide, including a highly publicized case involving the accidental death of a 16-year-old boy last year.

Geopolitical Supply Chain Risks: The document specifically highlights that any disruption to chip supplier TSMC due to regional conflicts would cause "serious disruption" to OpenAI's supply chain.

A notable detail is the absence of CEO Sam Altman's name from the extensive risk assessment. The document only briefly references "reliance on key personnel." Following last year's leadership upheaval, OpenAI evidently seeks to project a more institutionalized, rather than personality-driven, corporate image ahead of its public listing.