The seat-billed leg — Copilot at roughly $30 per user — is the contested one. Two priorities: first, over 20 million paid seats, adds up 250%, customers above 50,000 seats quadrupling, Accenture at 740,000 seats our largest win. Second, the hedge: penetration remains low single-digit of our roughly 450-million-seat commercial base, and per-seat value depends on surviving agent substitution as agents do more work. The consumption leg amplifies; the seat leg carries a durability question.

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MSFT / Two legs: consumption amplified, seats contested

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/p/p-day-20260727-msft-src-msft-billed-unit-split-rotation ↗

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2026-07-27T18:02:40.202Z