Microsoft: Anthropic investment yields $3.2B gain, OpenAI written down $600M
Original: Microsoft logs $3.2B from Anthropic investment, but OpenAI was a mixed bag
Why This Matters
Contrasting returns highlight the growing financial stakes of Big Tech's competing AI lab bets.
Microsoft reported a $3.2 billion gain from its Anthropic investment in Q4 FY2026, boosting diluted EPS by $0.33. Meanwhile, its OpenAI stake was marked down approximately $600 million, reducing EPS by $0.07, during the same quarter ended June 30, 2026.
Microsoft disclosed contrasting results from its two major AI lab investments in its Q4 FY2026 earnings report. The company recorded a $3.2 billion gain on its Anthropic stake — acquired via a $5 billion investment in November 2025 as part of a deal in which Anthropic also agreed to purchase $30 billion in Azure services. Microsoft does not update the Anthropic valuation every quarter, making this a notable one-time disclosure.
By contrast, Microsoft's roughly 27% stake in OpenAI was marked down approximately $600 million for the quarter, cutting diluted EPS by about $0.07. However, on a full-year basis, the OpenAI investment generated a $5 billion gain and added $0.67 to EPS for fiscal 2026.
Overall, Microsoft posted strong quarterly results: $90 billion in revenue, $35.8 billion in net income, and diluted EPS of $4.81 for Q4. Full-year revenue reached $331.8 billion with net income of $133.7 billion. The $600 million OpenAI write-down was described as largely a rounding error given the company's scale. Microsoft also receives revenue-share payments from OpenAI but does not disclose those figures separately.