OpenAI Flags Microsoft as Potential ‘Risk Factor’ Ahead of IPO: Report

OpenAI has shaken up the tech world again. On March 23, 2026, the AI pioneer openly warned investors that its deep reliance on Microsoft could pose a serious business risk ahead of a potential IPO. In a document resembling an IPO prospectus, OpenAI said Microsoft provides a “substantial portion” of its financing and computing power, and any change to that partnership could hurt its growth plans. This is unusual for a private tech company preparing for a public offering.