Amazon Completes $50 Billion Investment in OpenAI for 5% Stake

Amazon disclosed in its quarterly report on Form 10-Q on July 31 that it had completed its total $50 billion investment in OpenAI. The investment was made in stages: in the first quarter of 2026, Amazon invested $15 billion in OpenAI's Series C preferred stock and committed to purchasing an additional $35 billion; in the second quarter, it invested $13.7 billion of the committed amount; after the reporting period, it used the remaining $21.3 billion of its commitment to purchase Series C preferred stock. With that, all of Amazon's committed funding to OpenAI has been deployed, giving it a stake of approximately 5%.

Amazon said the outstanding Series C preferred shares will convert to common stock if OpenAI completes an initial public offering or another liquidity event.

The completion of the investment is directly linked to the renegotiation of the contracts between OpenAI and Microsoft. In April 2026, OpenAI and Microsoft concluded a renewed cloud services contract. Previously, Microsoft Azure was the only cloud provider allowed to serve as OpenAI's core computing infrastructure, and Amazon Web Services (AWS) could not access those services. After the renegotiation, AWS and other cloud providers formally became eligible to supply computing services to OpenAI. Earlier, Microsoft had considered legal action over whether the cooperation between OpenAI and Amazon constituted a breach.

Amazon's artificial-intelligence strategy also includes its investment in Anthropic. Financial filings show that Amazon has committed up to $33 billion to Anthropic, with $18 billion deployed to date. Models from both AI labs are available to Amazon Web Services customers, and Amazon is using the partnerships to drive market adoption of its in-house Trainium chips. OpenAI is currently valued at about $852 billion.