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As the listing process approaches its final stages, OpenAI has recently disclosed a detailed financial and risk document to potential investors. This document, resembling an IPO prospectus, has revealed the "concerns" behind the AI giant's impressive performance: its highly symbiotic relationship with Microsoft has been officially listed as a major business risk for the company's future.
OpenAI openly stated in the document that the company is heavily dependent on Microsoft for financing and computing resources.
Single-point dependency risk: If Microsoft modifies or terminates its commercial cooperation, or if OpenAI fails to diversify its partners, its operational performance will face direct impact.
Increased competitive contradictions: Although both are allies, they have become competitors in market expansion. To mitigate risks, OpenAI has begun shifting some of its operations to cloud platforms such as Google and Oracle.
Explosive performance: 900 million active users support a valuation of 5 trillion yuan
Despite the careful risk warnings, OpenAI's financial data still sent the capital markets into a frenzy:
Peak valuation: After receiving 110 billion USD in investments from giants such as NVIDIA and SoftBank last month, OpenAI's valuation has soared to 730 billion USD (approximately 5.04 trillion RMB).
Revenue explosion: Revenue reached 13.1 billion USD in 2025, and the weekly active users of its flagship product ChatGPT have climbed to 900 million.
The 'spending' bill for the next ten years
The document also revealed staggering financial projections. In order to maintain its leading position, OpenAI expects its spending on computing resources, data centers, and infrastructure to reach 665 billion USD by 2030. This means that OpenAI will continue to maintain a high frequency of capital expenditures in the coming years.
Legal disputes and safety shadows
In the risk section, OpenAI also listed several difficult issues:
Musk's lawsuit: The legal battle with Elon Musk and his xAI is expected to go to trial next month.
Safety lawsuits: At least 14 lawsuits have accused ChatGPT of causing mental health problems or even suicide, including the highly publicized case of a 16-year-old boy's accidental death last year.
Geopolitical supply chain: The document specifically mentioned that if chip supplier TSMC is affected by regional conflicts, OpenAI's supply chain would face "serious disruption".
A notable detail is that the name of CEO Sam Altman did not appear in the lengthy risk assessment. The document only briefly mentioned "reliance on key personnel." After the "firing incident" last year, OpenAI clearly aims to present a more institutionalized rather than personalized corporate image before the IPO.