原文标题： Microsoft, OpenAI reach non-binding deal to allow OpenAI to restructure 原文连结：https://tinyurl.com/bdcnr6js 发布时间：Fri, September 12, 2025 at 5:35 AM GMT+8 记者署名：Krystal Hu and Stephen Nellis 原文内容： (Reuters) - Microsoft and OpenAI said on Thursday they have signed a non- binding deal for new relationship terms that would allow OpenAI to proceed to restructure itself into a for-profit company, marking a new phase of the most high-profile partnerships to fund the ChatGPT frenzy. （路透社）— 微软与 OpenAI 周四表示，他们已签署一份不具约束力的新协议，针对双 方关系进行重新定义，使 OpenAI 能够推进转型为营利性公司的重组，这也标志着资助 ChatGPT 狂潮的最受瞩目合作关系进入新阶段。 Details on the new commercial arrangements were not disclosed, but the companies said they were working to finalize terms of a definitive agreement. This marks a step forward in OpenAI's prolonged talks with Microsoft as the former seeks to raise capital under a more common governance structure and eventually go public to fund artificial intelligence development. 新的商业安排细节尚未公布，但两家公司表示，他们正在努力敲定最终协议的条款。这标 志着 OpenAI 与微软之间长期谈判的一个进展，因为 OpenAI 希望在更常见的治理架构下 筹集资金，并最终上市，以资助人工智慧的发展。 Microsoft invested $1 billion in OpenAI in 2019 and another $10 billion at the beginning of 2023. Under their previous agreement, Microsoft had exclusive rights to sell OpenAI's software tools through its Azure cloud computing platform and had preferred access to the startup's technology. 微软於 2019 年向 OpenAI 投资 10 亿美元，并於 2023 年初再投资 100 亿美元。在先 前的协议下，微软拥有透过其 Azure 云端运算平台销售 OpenAI 软体工具的专属权利， 并且享有优先使用该新创技术的特权。 Microsoft was once designated as OpenAI's sole compute provider, though it lessened its grip this year to allow OpenAI to pursue its own data center project, Stargate, including signing $300 billion worth of long-term contracts with Oracle, as well as another cloud deal with Google. 微软曾被指定为 OpenAI 的唯一运算供应商，但今年放松了控制，允许 OpenAI 推进其自 建数据中心计画「Stargate」，其中包括与甲骨文（Oracle）签署价值 3,000 亿美元的 长期合约，以及与 Google 签署另一项云端合作协议。 As OpenAI's revenue grows into the billions, it is seeking a more conventional corporate structure and partnerships with additional cloud providers to expand sales and secure the computing capacity needed to meet demand. 随着 OpenAI 的收入增长至数十亿美元规模，它正寻求更常见的公司架构，并与更多云端 供应商建立合作关系，以扩大销售并确保能满足需求的运算能力。 Microsoft, meanwhile, wants continued access to OpenAI's technology even if OpenAI declares its models have reached humanlike intelligence - a milestone that would end the current partnership under existing terms. 与此同时，微软希望即使在 OpenAI 宣布其模型已达到「类人智慧」时，也能继续获得 OpenAI 技术的使用权 —— 根据现有条款，这一里程碑将会结束双方目前的合作关系。 OpenAI said under current terms, its nonprofit arm will receive more than $100 billion — about 20% of the $500 billion valuation it is seeking in private markets — making it one of the most well-funded nonprofits, according to a memo from Bret Taylor, chairman of OpenAI's current nonprofit board. OpenAI 表示，根据现行条款，其非营利部门将获得超过 1,000 亿美元 —— 约占其在私 募市场寻求的 5,000 亿美元估值的 20% —— 这将使其成为资金最充裕的非营利组织之 一。此资讯来自现任 OpenAI 非营利董事会主席 Bret Taylor 的备忘录。 The companies did not disclose how much of OpenAI Microsoft will own, nor whether Microsoft will retain exclusive access to OpenAI’s latest models and technology. 双方并未披露微软将持有多少 OpenAI 股权，也未说明微软是否会保留对 OpenAI 最新模 型与技术的独占使用权。 Regulatory hurdles remain for OpenAI, as attorneys general in California and Delaware need to approve OpenAI's new structure. The company hopes to complete the conversion by year's end, or risk losing billions in funding tied to that timeline. OpenAI 仍面临监管障碍，加州和特拉华州的司法部长需批准其新结构。该公司希望能在 年底前完成转型，否则可能失去与时程挂钩的数十亿美元资金。 Microsoft and OpenAI compete on products ranging from consumer chatbots to AI tools for businesses. Microsoft has also been working on developing its own AI models to reduce its dependence on OpenAI's technologies. 微软与 OpenAI 在从消费型聊天机器人到企业 AI 工具的产品上存在竞争。微软也一直致 力於开发自家 AI 模型，以降低对 OpenAI 技术的依赖。 心得/评论： 对 OpenAI 的影响 转型为营利公司：能吸引更多资本，并推动上市（IPO）可能性。这将使 OpenAI 从「矽 谷特例」逐渐走向「传统科技公司」模式。 扩大云端合作：从独家依赖微软 Azure → 分散到 Oracle、Google，有助於避免被单一 大股东控制，但也可能稀释微软的影响力。 监管挑战：加州与特拉华州必须批准结构调整，否则资金链可能出现风险。 对 Microsoft 的影响 优势被稀释：原先独家合作地位正在松动（Azure 独家、算力垄断、技术优先使用权）。 仍保留筹码：Microsoft 已投资超过 110 亿美元，仍然是核心股东之一，并可藉由谈判 争取技术存取权。 风险管理：Microsoft 正同步开发自家 AI 模型（Copilot、Phi 系列），避免未来被 OpenAI 技术「掐脖子」。 对双方关系的影响 这份 non-binding deal（不具约束力协议） 显示双方关系进入「重新谈判阶段」： OpenAI 想要更多自主权（重组、上市、分散云端供应商）。 Microsoft 想要确保投资不会被边缘化，尤其在 AGI（类人智慧）门槛 到来之前。 本质上是 合作与竞争并存：合作於基础设施、商业化；竞争於产品与技术独占。 潜在後续走向 深化合作：若最终协议保障 Microsoft 在技术与股权上的优势，双方可能保持「共生」 关系。 逐步分家：若 OpenAI 成功上市并扩展合作对象，Microsoft 的影响力将下降，双方关系 可能趋於竞争。 监管变数：若加州或特拉华州不批准，OpenAI 的重组与融资计画可能受阻，Microsoft 反而可能趁机争取更大话语权。 --

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