According to the Financial Times, the companies are deep in negotiations to restructure their deal. This overhaul aims to prepare OpenAI for a potential initial public offering (IPO) while securing Microsoft’s long-term access to next-generation AI technologies.

Microsoft Weighs Equity Against Future AI Access

A central issue is how much equity Microsoft will receive in OpenAI’s new for-profit entity, given its $13 billion investment to date. Interestingly, Microsoft is reportedly open to giving up some of its stake in exchange for continued access to technologies developed beyond 2030.

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This rebalancing could mark a strategic shift: less equity in return for guaranteed innovation rights.

Revising the Terms of a Long-Term Alliance

Their partnership dates back to 2019, when Microsoft first invested $1 billion in OpenAI. Now, that original agreement is also on the table for revision as OpenAI seeks greater independence and a more IPO-friendly structure.

Last week, The Information reported that OpenAI plans to share a smaller portion of revenue with Microsoft under its new restructuring plans.

Meanwhile, Microsoft’s broader AI strategy includes a massive $500 billion joint venture with Oracle and SoftBank, announced in January, to build new AI data centers across the U.S.

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Bernstein’s research unit is focusing on Bitcoin miners and their data centers, which are increasingly being used for artificial intelligence (AI). The firm said it will be issuing reports to its clients on these miners, starting with IREN and Core Scientific.

“Data center operations and energy access…”

The report, signed by Gautam Chhugani and Mahika Sapra, highlights the AI agreements and work of the two companies, stating:

“Bitcoin miners are beginning to be seen as valuable partners in terms of energy access, management, and the establishment of AI data centers. The approval process for building new energy facilities from scratch can take over 4 years. Bitcoin miners, on the other hand, can gain access to energy connections in a much shorter timeframe. This saves the market significant time.”

The analysts cited Core Scientific’s $3.5 billion deal with AI firm CoreWeave and IREN’s agreement to supply Nvidia GPUs to AI startup Poolside as the main reasons for adding the two companies to coverage.

It is worth noting that both companies were on the brink of bankruptcy in the 2022 crypto crash. Core Scientific filed for bankruptcy and underwent restructuring before resuming operations.

In addition to adding the two mining companies to coverage, Bernstein also reiterated its Bitcoin price forecasts of $200,000 by the end of 2025, $500,000 by the end of 2029, and $1 million by the end of 2033.

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