Microsoft(US:MSFT) 美股IPO·2025-10-28 14:02Core Viewpoint - Microsoft supports OpenAI in establishing a Public Benefit Corporation (PBC) and has valued its investment stake in OpenAI at $135 billion after the capital restructuring [1][3]. Group 1: Investment and Ownership - Microsoft holds approximately 27% equity in OpenAI based on the "conversion dilution basis," which includes all stakeholders (employees, investors, and the OpenAI Foundation) [1][3]. - Excluding the impact of OpenAI's recent financing round, Microsoft's ownership in the profit-making entity of OpenAI is 32.5% [3]. Group 2: Intellectual Property and Licensing - Microsoft has extended its intellectual property licensing agreement with OpenAI until 2032, which now includes models developed after the achievement of AGI, provided they are equipped with appropriate safety measures [3][9]. - Microsoft retains permanent rights to core intellectual property such as model architecture and weights, while the protection period for research-related intellectual property is set to the earlier of "AGI verification achievement or 2030" [9][11]. Group 3: Commercial Agreements and Collaborations - OpenAI has committed to an additional purchase of $250 billion worth of Azure cloud services, setting a record for a single purchase in the cloud computing sector [10]. - OpenAI is permitted to collaborate with third parties, with API products still exclusively hosted on Azure [10]. - OpenAI is allowed to provide services directly to U.S. government national security clients, breaking through restrictions faced by cloud service providers [10]. Group 4: Governance and Future Development - The agreement establishes an innovative governance mechanism for the strategic AGI field, introducing an independent expert group as the authoritative verification body for AGI achievement [11]. - Microsoft is allowed to independently or jointly develop AGI with third parties, but will face computational threshold limits when using OpenAI technology [11]. - The revenue-sharing agreement continues until AGI verification is achieved, with an extended payment cycle [11].