How Much Do Oracle, Microsoft and CoreWeave Depend on OpenAI? What Filings Say

Microsoft said in January that about 45% of its commercial backlog came from OpenAI. Oracle reports $664 billion in remaining performance obligations without naming a customer. Here is what each OpenAI partner has disclosed, what those numbers leave out, and where in a 10-K or 10-Q to look.

Shares of Oracle, CoreWeave and Nvidia fell on Thursday, Oct. 8, after reports put OpenAI’s annualized revenue, as presented to investors, at roughly $50 billion. That raised a basic question for shareholders: what have OpenAI’s listed partners actually disclosed about their OpenAI exposure? In short, Microsoft has put a percentage on it, CoreWeave has put dollar ceilings on its contracts, Nvidia and AMD have described deals measured in gigawatts, and Oracle’s latest results release does not mention OpenAI at all.

Where it stands: The newest disclosure in this guide is SoftBank Group’s Oct. 1 release, which says its cumulative investment in OpenAI now totals $64.6 billion, for an ownership interest of approximately 13%. Oracle’s most recent results, released Sept. 10, put its remaining performance obligations at $664 billion without naming any customer.

RPO and backlog: contracted, not yet revenue

Most of the big numbers below are backlog, which the accounting rules call remaining performance obligations, or RPO. The U.S. revenue standard, ASC 606, asks companies to report “The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period,” together with “An explanation of when the entity expects to recognize as revenue the amount disclosed.”

Put simply, RPO is business a company has signed but not yet delivered. CNBC once summed it up as “a measure of contracted revenue that has not yet been recognized.” It becomes revenue only as the service is provided. Microsoft said in July that roughly 30% of its RPO would turn into revenue over the following 12 months. Our explainer on AI backlog versus recognized revenue walks through the difference in more detail.

Microsoft: a share of backlog, stated outright

Microsoft is the one company here that has said what share of its backlog comes from OpenAI. On its January earnings call, finance chief Amy Hood said commercial RPO, reported net of reserves, had climbed 110% from a year earlier to $625 billion. Then she added: “Approximately 45% of our commercial RPO balance is from OpenAI.”

On the July 29 call, Microsoft reported it a different way. Commercial RPO had grown 84% to $678 billion, and RPO excluding OpenAI was up 25%. Microsoft also said that “All sequential commercial RPO growth was driven by commitments from customers outside of frontier model companies,” and that the RPO balance including OpenAI had a weighted average duration of 2.3 years.

Its revenue disclosure uses a different lens. For the fiscal year that ended in June, Microsoft said its cloud revenue topped $214 billion, with nearly 90% from customers outside frontier model companies.

Microsoft is also an OpenAI shareholder. Its October 2025 blog post valued its stake in OpenAI Group PBC at approximately $135 billion, or roughly 27 percent on an as-converted diluted basis, and said OpenAI “has contracted to purchase an incremental $250B of Azure services.” Microsoft accounts for that stake under the equity method, Hood said in January.

Oracle: $664 billion of RPO, no customer named

Oracle’s fiscal first-quarter release on Sept. 10 reported RPO up $209 billion from a year earlier to $664 billion. It said AI cloud contracts signed during the quarter added more than $30 billion, and that the way those deals were structured left its capital-raising plans unchanged. The release does not mention OpenAI.

That matters because the widely quoted estimates of Oracle’s dependence come from outside the company. On Sept. 29, D.A. Davidson analyst Gil Luria told Reuters: “Oracle’s fate is largely tied to the success of OpenAI, which represents around half of its compute backlog.” That is an analyst’s estimate. Likewise, the $300 billion OpenAI computing commitment tied to Oracle, spread over about five years from 2027, was a Wall Street Journal report that CNBC confirmed in September 2025; Oracle did not itemize it in the releases reviewed here.

This is a familiar pattern. CNBC noted in 2025 that a June SEC filing had disclosed a $30 billion cloud contract with an unnamed company, and Oracle’s June 2026 release described big AI contracts in which “the customer prepaid Oracle for the purchase of the GPUs,” without naming anyone. Life Stonks did not review the text of Oracle’s latest 10-Q for this guide; its risk factors section is the place to check for customer-concentration language.

CoreWeave: contract values stated as ceilings

CoreWeave has been the most specific. Its September 2025 release listed three OpenAI agreements: the first, in March 2025, valued at as much as $11.9 billion; a May 2025 add-on of as much as $4 billion; and a new one worth as much as $6.5 billion. Combined, CoreWeave said, the contract value with OpenAI reached up to approximately $22.4 billion.

Note the qualifier up to: these are maximum values, and the release does not say how much revenue they will produce in any particular year. The release is over a year old; later CoreWeave quarterly reports may update it.

Nvidia, AMD and SoftBank: intent, agreement and ownership

Nvidia’s September 2025 release describes a letter of intent, not a signed final contract, under which OpenAI would install Nvidia systems totaling a minimum of 10 gigawatts. Nvidia said it plans to put as much as $100 billion into OpenAI in stages, one gigawatt at a time, and the release said the two sides would “look forward to finalizing the details” in the weeks that followed.

AMD’s October 2025 release calls its arrangement a definitive agreement covering 6 gigawatts of AMD Instinct GPUs. AMD also handed OpenAI a warrant on up to 160 million of its shares; it vests in stages as milestones are hit. AMD finance chief Jean Hu said the partnership “is expected to deliver tens of billions of dollars in revenue for AMD,” which is a company forecast, not reported revenue.

SoftBank’s exposure runs the other way: it is an owner, not a supplier. Its Oct. 1 release said it had completed its $30 billion follow-on investment, taking its cumulative investment in OpenAI to $64.6 billion and its ownership to approximately 13%. As a Japanese company, SoftBank does not file 10-Ks; its press releases are the record.

Who has disclosed what

Company What it has disclosed about OpenAI Where it is disclosed
Microsoft OpenAI was about 45% of commercial RPO in January 2026; a stake of roughly 27 percent; an incremental $250B Azure purchase commitment by OpenAI Earnings call, January 2026; company blog, October 2025
Oracle RPO of $664 billion; OpenAI not named Results release, Sept. 10
CoreWeave Combined OpenAI contract value capped at about $22.4 billion Press release, September 2025
Nvidia LOI covering a minimum of 10 gigawatts; investment of as much as $100 billion Newsroom release, September 2025
AMD Definitive agreement for 6 gigawatts; OpenAI warrant on as many as 160 million shares Press release, October 2025
SoftBank Group $64.6 billion invested in total; about 13% ownership Press release, Oct. 1

Where to find OpenAI exposure in a 10-K, 10-Q or earnings release

Headline backlog figures tend to surface first in the earnings release or on the call, as Oracle’s RPO and Microsoft’s OpenAI share did. The SEC filings carry more detail, and the SEC’s Investor.gov guide to the 10-K works as a map:

  • Item 1A, Risk Factors. The company’s list of its most significant risks. Search it for the partner’s name and for terms like customer and concentration.
  • Item 7, Management’s Discussion and Analysis. Management’s own account of the year’s results, and a natural place to look for discussion of backlog.
  • Item 8, Financial Statements, and the notes. The audited statements come with notes explaining them; the revenue note is where the ASC 606 RPO amount and its expected timing usually sit.
  • Item 15, Exhibits. Investor.gov says the exhibits include “copies of its material contracts,” so a large agreement may be filed in full.
  • Form 10-Q. The quarterly report covers the same ground in shorter form, including financial statements, MD&A and risk factors.

Every 10-K and 10-Q is free on the SEC’s EDGAR website. A quick first pass: open the latest filing, search for OpenAI, then for remaining performance obligations, and read the two passages side by side.

What the filings do not tell you

Even good disclosure leaves gaps. None of the documents above says how much revenue the OpenAI contracts specifically will generate in a given year. In the calls reviewed here, Microsoft gave timing for its RPO as a whole, not for the OpenAI portion. The ceilings, letters of intent and milestone-based warrants above describe what could happen, not what has been billed.

The filings also cannot show how OpenAI will pay for what it has committed to buy, because OpenAI is private and does not publish quarterly results. What shareholders get instead are figures relayed by people familiar with its investor presentations, such as the roughly $50 billion in annualized revenue that CNBC confirmed on Oct. 8. Our market report on Oracle, CoreWeave and Nvidia’s Thursday declines covers how the stocks traded on that news.

Frequently Asked Questions

What share of Microsoft’s backlog is tied to OpenAI?

On its earnings call of January 28, 2026, Microsoft said about 45% of its commercial RPO, which then stood at $625 billion, came from OpenAI. On its July call, it said RPO grew 25% when excluding OpenAI and, in the remarks reviewed here, did not restate a share.

Does Oracle say how much of its RPO comes from OpenAI?

Not in its September 10 results release. Oracle reported $664 billion in remaining performance obligations, plus over $30 billion in newly booked AI cloud contracts, without naming any customer. The often-quoted figure of around half of Oracle’s compute backlog is an estimate from D.A. Davidson analyst Gil Luria, not an Oracle disclosure.

What is remaining performance obligation, or RPO?

RPO is the value of contracted work a company has signed but not yet delivered. Under the ASC 606 revenue standard, companies report the amount and explain when they expect to recognize it as revenue. It is not revenue until the work is done, and it can take years to convert.

What is CoreWeave’s OpenAI contract worth?

CoreWeave’s September 2025 press release put the total contract value with OpenAI at up to approximately $22.4 billion across three agreements. Those are maximum values, and the release does not say how much revenue they produce in any single year.

Where in a 10-K can I find customer concentration risk?

Start with Item 1A, Risk Factors, then read the MD&A in Item 7 and the notes to the financial statements in Item 8. Material contracts may be filed as exhibits under Item 15. The quarterly 10-Q includes shorter versions of the financial statements, MD&A and risk factors.

Sources

This article is for general information only and is not investment, tax or legal advice. Life Stonks does not recommend buying or selling any security. Figures are as reported by the sources cited on the dates shown; several come from people who spoke to reporters on condition of anonymity and can change. Check company filings and talk to a licensed professional before making a financial decision.