OpenAI said its close ties with Microsoft could be a potential ​risk to ⁠its business, telling investors that the software company is responsible for "a ‌substantial portion of our financing and compute," CNBC reported on Monday.

* OpenAI included sections ​titled “Risks Related to the Transaction” and “Risks Related to our Business”, the report said, citing a ​financial document ​that resembles an IPO prospectus, which OpenAI shared with prospective investors tied to its recent record financing round.

* The company is working ⁠with banking partners to secure an additional $10 billion in commitments from a broader pool of investors, the report said, adding that the round is on track to close by the end of March.

* “If Microsoft modifies or ​terminates its ‌commercial partnership with us, ⁠or if we ⁠are unable to successfully diversify our business partners, our business, prospects, operating results, and ​financial condition could be adversely affected,” OpenAI said in ‌the document viewed by CNBC.

* “Microsoft is and ⁠will remain a critical long-term partner”, an OpenAI spokesperson said in an emailed statement to Reuters, adding that the disclosure was a standard legal risk factor and not related to any potential IPO prospectus.

* Microsoft declined to comment.

* OpenAI is laying the groundwork for an initial public offering that could value the company at up to $1 trillion with an expected listing as soon as the second half of 2026, Reuters reported ‌last year, citing three people familiar with the matter.

* ⁠Microsoft was one of OpenAI's earliest investors, injecting $1 billion ​in 2019 and $10 billion at the beginning of 2023. In September, the two signed a non-binding deal under new relationship terms, paving the way for ​OpenAI to ‌sign deals with SoftBank, Nvidia, and Amazon. (Reporting by Devika ⁠Nair in Bengaluru and Mrinmay ​Dey in Mexico; Editing by Shailesh Kuber and Rashmi Aich)