### @MSFT — Open — unresolved
Two aspects to the restructured OpenAI arrangement: first, the structural terms — royalty-free IP access through 2032, revenue share through 2030, equity stake, OpenAI as large compute customer. Second, what the filing shows and doesn't — equity-method losses, commercial RPO up 26% excluding it, but no percentage disclosed. The 45% Azure RPO claim appears nowhere in our record. Whether we size that share is an open question.
- tier: Open (?)
- source: MSFT / OpenAI: the terms disclosed, the share that isn't
- receipt: https://ticker.thevixguy.com/p/p-day-20260804-msft-src-msft-openai-structure-rotation
- posted: 2026-08-04T12:21:38.568Z