Hua Er Jie Jian Wen·2025-08-27 15:46Core Viewpoint - OpenAI is facing delays in its restructuring plan due to unresolved disputes with Microsoft regarding a commercial contract that extends to 2030, which is critical for OpenAI's transition from a profit-sharing model to a stockholding model for investors [1][6]. Group 1: Negotiation Issues - The negotiations between OpenAI and Microsoft revolve around three key issues: API access rights, intellectual property (IP) access, and AGI clauses [2][3][4][5]. - OpenAI seeks to diversify its API access beyond Microsoft Azure, which currently accounts for approximately 25% of its annual revenue, while Microsoft is reluctant to relinquish its exclusive control [3]. - Microsoft desires insight into OpenAI's model training methods, which remains a contentious point in the negotiations [4]. - A special AGI clause allows OpenAI to sever Microsoft's access to its IP upon achieving AGI, a point of contention as Microsoft wishes to eliminate this uncertainty [5]. Group 2: Impact on Ownership and Financing - The resolution of these negotiation issues will directly affect Microsoft's potential ownership stake in OpenAI, which is projected to be between 30% and 35% depending on the outcome [6]. - OpenAI has raised over $13 billion from Microsoft to date, but the ownership percentage may fluctuate based on the negotiations [6]. - OpenAI's recent funding rounds have seen its valuation rise from $157 billion in October to $300 billion in March, with conditions that allow investors to withdraw if restructuring is not completed [8]. - If negotiations extend beyond the end of 2025, SoftBank may withdraw its commitment of $10 billion, posing a significant threat to OpenAI's financing plans [8]. - Despite internal governance challenges, OpenAI's market interest remains high, with expectations of a valuation reaching $500 billion and potential new investors showing interest [8].