{"schemaVersion":2,"checkedAt":"2026-11-05T11:58:11Z","updatedAt":"2026-11-05T00:02:27Z","sources":[{"id":"cfo-20260118","title":"収益と計算資源の拡大","publisher":"OpenAI CFO","kind":"company","url":"https://openai.com/index/a-business-that-scales-with-the-value-of-intelligence/","documentType":"announcement","publishedAt":"2026-01-18","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"ARRと計算資源の2023〜2025年比較、収益モデルの説明","summary":"ARRの呼称で2023年20億、2024年60億、2025年200億ドル超。サブスクリプションとAPIを説明。ARRの計算式は未開示。"},{"id":"funding-20260331","title":"資金調達ラウンドと事業指標","publisher":"OpenAI","kind":"company","url":"https://openai.com/index/accelerating-the-next-phase-ai/","documentType":"announcement","publishedAt":"2026-03-31","publicationNote":"本文の公表日を採用","checkedAt":"2026-11-05T00:02:27Z","auditStatus":"verified","lastAttemptAt":"2026-11-05T00:02:27Z","location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","summary":"調達コミットメント1,220億、投資後評価額8,520億ドル。借入枠約47億ドルは完了時未使用。月次売上20億ドル、法人比率40%超。"},{"id":"revenue-20261019","title":"年換算売上と資金調達交渉","publisher":"Reuters（Investing.com配信）","kind":"reported","url":"https://www.investing.com/news/stock-market-news/exclusiveopenai-seeks-to-accelerate-fundraising-ahead-of-anthropic-ipo-sources-say-4958511","documentType":"report","publishedAt":"2026-10-19","publicationNote":"本文の公表日を採用","checkedAt":"2026-11-03T15:32:27Z","auditStatus":"verified","lastAttemptAt":"2026-11-03T15:32:27Z","location":"TRYING TO HEAD OFF COMPARISONS","summary":"関係者談として年換算売上500億ドル、年末700億ドルの見通し。パートナー分配後の純額計上についても説明。"},{"id":"funding-20261030","title":"調達目標引き下げ報道（交渉段階）","publisher":"Reuters／FT（Investing.com配信）","kind":"reported","url":"https://www.investing.com/news/economy-news/openai-slashes-funding-target-by-10-billion-amid-tech-rout-ft-reports-oct-30-4990653","documentType":"report","publishedAt":"2026-11-02","publicationNote":"11月2日再配信、記事の対象日は10月30日。新しい調達成立の発表ではない。","checkedAt":"2026-11-05T11:58:11Z","auditStatus":"verified","lastAttemptAt":"2026-11-05T11:58:11Z","location":"再配信本文冒頭：調達目標・希望評価額・初回クローズ見込み","summary":"10月30日の調達目標約200億ドル・希望評価額1.25兆ドルという報道の再配信。旧希望評価額は再配信本文で1.4兆ドルと表記。成立・払込は未確認。"},{"id":"cashflow-20260918","title":"2026〜2030年の資金流出予測","publisher":"Reuters／FT（Investing.com配信）","kind":"reported","url":"https://www.investing.com/news/economy-news/openai-expects-to-burn-through-almost-280-billion-by-2030-ft-reports-4907970","documentType":"report","publishedAt":"2026-09-18","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"本文の累積FCF・年度売上予測","summary":"会社資料を確認したFTの情報として、累積マイナスFCF2,780億ドル、2026年売上360億ドルの予測を報道。実績ではない。"},{"id":"amazon-20260227","title":"Amazonとの戦略提携","publisher":"OpenAI","kind":"company","url":"https://openai.com/index/amazon-partnership/","documentType":"announcement","publishedAt":"2026-02-27","publicationNote":"本文の公表日を採用","checkedAt":"2026-11-02T00:56:35Z","auditStatus":"verified","lastAttemptAt":"2026-11-02T00:56:35Z","location":"冒頭の出資条件とOpenAI to use Trainium compute","summary":"出資500億ドルは当初150億と条件付き追加350億。既存AWS契約に8年間で1,000億ドルを追加する。"},{"id":"amazon-counterparty","title":"Amazonの出資に関する説明","publisher":"Amazon","kind":"counterparty","url":"https://www.aboutamazon.com/news/aws/openai-amazon-partnership-explained","documentType":"announcement","publishedAt":"2026-02-27","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"表題直下とCEOインタビュー","summary":"Amazon側も500億ドル出資と複数年の戦略提携を説明。払込完了の証拠とは扱わない。"},{"id":"aws-20251103","title":"AWSとの複数年契約","publisher":"OpenAI","kind":"company","url":"https://openai.com/index/aws-and-openai-partnership/","documentType":"announcement","publishedAt":"2025-11-03","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"Key takeaways直後の契約説明","summary":"380億ドル、7年間の計算資源契約。後の追加契約とは対象期間を分ける。"},{"id":"softbank-20261001","title":"OpenAI追加出資の最終トランシェ実行","publisher":"SoftBank Group","kind":"counterparty","url":"https://group.softbank/en/news/press/20261001","documentType":"announcement","publishedAt":"2026-10-01","publicationNote":"本文の公表日を採用","checkedAt":"2026-11-05T11:58:11Z","auditStatus":"verified","lastAttemptAt":"2026-11-05T11:58:11Z","location":"冒頭第1・第2段落","summary":"2026年追加投資300億ドルの払込完了を明記。最終100億ドルは内数。SoftBank自身の借入はOpenAIの借入ではない。"},{"id":"round-20260227","title":"初期の資金調達発表","publisher":"OpenAI","kind":"company","url":"https://openai.com/index/scaling-ai-for-everyone/","documentType":"announcement","publishedAt":"2026-02-27","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"冒頭の出資内訳","summary":"SoftBank300億、NVIDIA300億、Amazon500億ドルを公表。3月のラウンド総額に内包するため加算しない。"},{"id":"microsoft-20251028","title":"Microsoftとの新しい契約","publisher":"Microsoft","kind":"counterparty","url":"https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/","documentType":"announcement","publishedAt":"2025-10-28","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"What has evolvedのAzure購入項目","summary":"追加Azure購入2,500億ドルを明示。本文では支払期間・最低購入義務の詳細を確認できない。"},{"id":"microsoft-20260427","title":"Microsoftとの提携条件更新","publisher":"Microsoft","kind":"counterparty","url":"https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/","documentType":"announcement","publishedAt":"2026-04-27","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"改定契約の箇条書き","summary":"OpenAIからMicrosoftへの収益分配は2030年まで、総額上限あり。Microsoftからの収益分配は停止。率と上限額は本文で未確認。"},{"id":"microsoft-fy2026","title":"Microsoft 2026 Annual Report","publisher":"Microsoft","kind":"counterparty","url":"https://www.microsoft.com/investor/reports/ar26/index.html","documentType":"annual_report","publishedAt":null,"publicationNote":"本文に公表日なし。2026年6月期資料として確認。","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"Notes to Financial Statements／OpenAI・ASC 850の段落","summary":"OpenAI関連の売上241億、債権60億ドル。投資コミットメント130億のうち119億ドルを拠出済み。OpenAIの費用や現金残高への読み替えは不可。"},{"id":"coreweave-20250925","title":"OpenAI契約を最大65億ドル拡張","publisher":"CoreWeave","kind":"counterparty","url":"https://www.coreweave.com/news/coreweave-expands-agreement-with-openai-by-up-to-6-5b","documentType":"announcement","publishedAt":"2025-09-25","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"冒頭の契約総額と過去契約の説明","summary":"既存119億・40億と追加65億を含む契約価値は最大約224億ドル。総額と内数は加算しない。"},{"id":"coreweave-10k","title":"CoreWeave FY2025 Form 10-K","publisher":"CoreWeave","kind":"counterparty","url":"https://s205.q4cdn.com/133937190/files/doc_financials/2025/q4/CoreWeave-Inc-FY25-10-K-7.pdf","documentType":"filing","publishedAt":null,"publicationNote":"公表日は未確認。署名日は2026年3月2日、対象期は2025年12月期。","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"PDF p.20 顧客集中リスク／p.146署名","summary":"2025年9月の注文書について最大約65億ドル、2031年5月31日までと記載。"},{"id":"stargate-20250121","title":"Stargate計画の発表","publisher":"OpenAI","kind":"company","url":"https://openai.com/index/announcing-the-stargate-project/","documentType":"announcement","publishedAt":"2025-01-21","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"冒頭および出資者・責任分担の説明","summary":"4年間で5,000億ドルの共同事業全体の計画。OpenAIは運営責任、SoftBankは資金面の責任。単独債務ではない。"},{"id":"nvidia-20250922","title":"NVIDIAとのインフラ提携意向","publisher":"OpenAI／NVIDIA共同発表","kind":"company","url":"https://openai.com/index/openai-nvidia-systems-partnership/","documentType":"announcement","publishedAt":"2025-09-22","publicationNote":"本文の公表日を採用","checkedAt":"2026-10-31T15:29:43Z","auditStatus":"verified","lastAttemptAt":"2026-10-31T15:29:43Z","location":"Newsおよびletter of intentの説明","summary":"最大1,000億ドルの段階的投資意向。設備展開に連動する意向書で、払込済みではない。2026年の出資との重複範囲は未確認。"},{"id":"amazon-20260930","title":"Amazon 2026年9月期 Form 10-Q","publisher":"Amazon","kind":"counterparty","url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm","documentType":"filing","publishedAt":"2026-10-29","publicationNote":"Form 10-Q署名日。同四半期決算公表日と整合。","checkedAt":"2026-11-04T12:06:15Z","auditStatus":"verified","lastAttemptAt":"2026-11-04T12:06:15Z","location":"Notes to Financial Statements / Non-Marketable Investments / OpenAI、および投資キャッシュフロー","summary":"第1四半期150億、第2四半期137億、第3四半期213億ドルを出資。9月末までに合計500億ドルを投資済み。"},{"id":"microsoft-20260930","title":"Microsoft FY2027 Q1 Form 10-Q","publisher":"Microsoft","kind":"counterparty","url":"https://www.sec.gov/Archives/edgar/data/789019/000119312526436133/msft-20260930.htm","documentType":"filing","publishedAt":"2026-10-28","publicationNote":"Form 10-Q署名日。同四半期決算公表日と整合。","checkedAt":"2026-11-05T00:02:27Z","auditStatus":"verified","lastAttemptAt":"2026-11-05T00:02:27Z","location":"Note 1 / Investments / OpenAI・ASC 850段落","summary":"7〜9月の対OpenAI売上100億ドル（収益分配を含む）、9月末売掛債権72億ドル。Microsoft側の会計認識であり、OpenAIの現金支出ではない。"},{"id":"grid-20261102","title":"Grid Protectors：電力費用と系統対応","publisher":"OpenAI","kind":"company","url":"https://openai.com/index/grid-protectors-program/","documentType":"announcement","publishedAt":"2026-11-02","publicationNote":"本文の公表日。再確認日とは区別。","checkedAt":"2026-11-04T12:06:15Z","auditStatus":"verified","lastAttemptAt":"2026-11-04T12:06:15Z","location":"A model in Georgia / Looking forward","summary":"Effingham計画施設に必要なインフラ・電力供給費用を全額負担すると説明。新しい全国計画は地域ごとに条件を決める段階。施設は開発中。"},{"id":"georgia-power-20260722","title":"Effingham施設の電力供給・需要調整契約","publisher":"Georgia Power","kind":"counterparty","url":"https://www.georgiapower.com/news-hub/press-releases/georgia-power-to-serve-openai-project-in-effingham-county.html","documentType":"announcement","publishedAt":"2026-07-22","publicationNote":"本文の公表日。再確認日とは区別。","checkedAt":"2026-11-03T23:59:23Z","auditStatus":"verified","lastAttemptAt":"2026-11-03T23:59:23Z","location":"本文：full infrastructure and electric service costs / 25-year agreement","summary":"OpenAIの費用負担と長期契約・財務保証に言及。25年間の需要調整契約を説明。支払額・保証額・電力価格は開示されていない。"},{"id":"pierre-20261104","title":"Pierre買収予定と完了条件","publisher":"OpenAI","kind":"company","url":"https://openai.com/index/openai-to-acquire-pierre/","documentType":"announcement","publishedAt":"2026-11-04","publicationNote":"本文の公表日。確認日とは区別。","checkedAt":"2026-11-05T00:02:27Z","auditStatus":"verified","lastAttemptAt":"2026-11-05T00:02:27Z","location":"本文冒頭 / Bringing the work together in Codex / 最終段落","summary":"Codexの開発支援機能を強化するPierre買収予定を公表。規制承認等の完了条件があり、完了まで両社は独立。買収額・支払方法・売上寄与は未開示。"}],"facts":[{"id":"arr-2023","label":"2023年・会社ARR表記","kind":"arr","value":2,"currency":"USD","unit":"billion","precision":"approximate","status":"observed","period":{"label":"2023年（測定日非開示）","asOf":null,"start":null,"end":null},"classification":"company","sourceIds":["cfo-20260118"],"location":"ARRと計算資源の2023〜2025年比較、収益モデルの説明","evidenceSummary":"CFOがARRと呼ぶ収益指標。反復収益の範囲・年換算式は未開示。","definition":"CFOがARRと呼ぶ収益指標。反復収益の範囲・年換算式は未開示。","scope":"OpenAI全社","comparison":"同じ資料内の年次値だが、定義の継続性は未確認。通期売上・他社ARRと同列にしない。","definitionKey":null},{"id":"arr-2024","label":"2024年・会社ARR表記","kind":"arr","value":6,"currency":"USD","unit":"billion","precision":"approximate","status":"observed","period":{"label":"2024年（測定日非開示）","asOf":null,"start":null,"end":null},"classification":"company","sourceIds":["cfo-20260118"],"location":"ARRと計算資源の2023〜2025年比較、収益モデルの説明","evidenceSummary":"CFOがARRと呼ぶ収益指標。反復収益の範囲・年換算式は未開示。","definition":"CFOがARRと呼ぶ収益指標。反復収益の範囲・年換算式は未開示。","scope":"OpenAI全社","comparison":"同じ資料内の年次値だが、定義の継続性は未確認。通期売上・他社ARRと同列にしない。","definitionKey":null},{"id":"arr-2025","label":"2025年・会社ARR表記","kind":"arr","value":20,"currency":"USD","unit":"billion","precision":"lower_bound","status":"observed","period":{"label":"2025年（測定日非開示）","asOf":null,"start":null,"end":null},"classification":"company","sourceIds":["cfo-20260118"],"location":"ARRと計算資源の2023〜2025年比較、収益モデルの説明","evidenceSummary":"CFOがARRと呼ぶ収益指標。反復収益の範囲・年換算式は未開示。","definition":"CFOがARRと呼ぶ収益指標。反復収益の範囲・年換算式は未開示。","scope":"OpenAI全社","comparison":"同じ資料内の年次値だが、定義の継続性は未確認。通期売上・他社ARRと同列にしない。","definitionKey":null},{"id":"run-rate-20261019","label":"売上ランレート（年換算）","kind":"revenue_run_rate","value":50,"currency":"USD","unit":"billion","precision":"approximate","status":"observed","period":{"label":"2026-10-19報道時点／測定日は未確認","asOf":null,"start":null,"end":null},"classification":"reported","sourceIds":["revenue-20261019"],"location":"TRYING TO HEAD OFF COMPARISONS","evidenceSummary":"関係者談として確認された年換算売上。実際の計測期間は明示されない。","definition":"関係者談として確認された年換算売上。実際の計測期間は明示されない。","scope":"OpenAI全社","comparison":"通期売上・会社ARRと定義の一致は未確認。総額／純額の差にも注意。","definitionKey":null},{"id":"run-rate-forecast","label":"年末の売上ランレート見通し","kind":"revenue_run_rate","value":70,"currency":"USD","unit":"billion","precision":"approximate","status":"forecast","period":{"label":"2026年末の予測","asOf":null,"start":null,"end":"2026-12-31"},"classification":"reported","sourceIds":["revenue-20261019"],"location":"TRYING TO HEAD OFF COMPARISONS","evidenceSummary":"関係者が伝えた年末年換算売上の見通し。","definition":"関係者が伝えた年末年換算売上の見通し。","scope":"OpenAI全社","comparison":"観測値500億ドルと区別し、実績の成長線に接続しない。","definitionKey":null},{"id":"monthly-20260331","label":"月次売上","kind":"monthly_revenue","value":2,"currency":"USD","unit":"billion","precision":"approximate","status":"observed","period":{"label":"2026-03-31公表時点／対象月非開示","asOf":null,"start":null,"end":null},"classification":"company","sourceIds":["funding-20260331"],"location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","evidenceSummary":"会社が月間で生み出していると説明した売上。","definition":"会社が月間で生み出していると説明した売上。","scope":"OpenAI全社","comparison":"どの月・会計基準か不明。単純な12倍を年間実績やARRにしない。","definitionKey":null},{"id":"annual-forecast-2026","label":"通期売上予測","kind":"annual_revenue","value":36,"currency":"USD","unit":"billion","precision":"approximate","status":"forecast","period":{"label":"2026暦年の予測","asOf":null,"start":"2026-01-01","end":"2026-12-31"},"classification":"reported","sourceIds":["cashflow-20260918"],"location":"本文の累積FCF・年度売上予測","evidenceSummary":"報道された会社計画の2026年売上見通し。","definition":"報道された会社計画の2026年売上見通し。","scope":"OpenAI全社","comparison":"ランレートとは期間も定義も異なる。通期実績ではない。","definitionKey":null},{"id":"round-2026","label":"調達コミットメント","kind":"funding_commitment","value":122,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026-03-31ラウンド完了","asOf":"2026-03-31","start":null,"end":null},"classification":"company","sourceIds":["funding-20260331"],"location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","evidenceSummary":"ラウンドで約束された資本総額。","definition":"ラウンドで約束された資本総額。","scope":"OpenAI全社","comparison":"全額払込済みや現金残高とは確認できない。個別投資家の出資を再加算しない。","definitionKey":null},{"id":"valuation-2026","label":"調達後評価額","kind":"equity_valuation","value":852,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026-03-31取引時点","asOf":"2026-03-31","start":null,"end":null},"classification":"company","sourceIds":["funding-20260331"],"location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","evidenceSummary":"ラウンドのポストマネー株式評価額。","definition":"ラウンドのポストマネー株式評価額。","scope":"OpenAI全社","comparison":"市場株価・企業価値EVではない。交渉中の評価額とは分離。","definitionKey":null},{"id":"cash-unknown","label":"現金残高","kind":"cash_balance","value":null,"currency":"USD","unit":"billion","precision":"unknown","status":"unknown","period":{"label":"現在残高を確認できず","asOf":null,"start":null,"end":null},"classification":"company","sourceIds":["funding-20260331","cashflow-20260918"],"location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","evidenceSummary":"今回確認した資料から現在の現金及び現金同等物残高を確定できない。","definition":"今回確認した資料から現在の現金及び現金同等物残高を確定できない。","scope":"OpenAI全社","comparison":"調達額で代用しない。現在の資金余命は算出しない。","definitionKey":null},{"id":"gross-margin-unknown","label":"粗利益率の実績","kind":"gross_margin","value":null,"currency":null,"unit":"percent","precision":"unknown","status":"unknown","period":{"label":"整合した実績期間を確認できず","asOf":null,"start":null,"end":null},"classification":"company","sourceIds":["cfo-20260118","cashflow-20260918"],"location":"ARRと計算資源の2023〜2025年比較、収益モデルの説明","evidenceSummary":"原価に含める推論・学習・収益分配等の明細が不足。","definition":"原価に含める推論・学習・収益分配等の明細が不足。","scope":"OpenAI全社","comparison":"仮定の粗利益率で実績を補完しない。","definitionKey":null},{"id":"enterprise-share","label":"法人向け売上比率","kind":"revenue_share","value":40,"currency":null,"unit":"percent","precision":"lower_bound","status":"observed","period":{"label":"2026-03-31公表時点","asOf":"2026-03-31","start":null,"end":null},"classification":"company","sourceIds":["funding-20260331"],"location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","evidenceSummary":"会社の法人向け区分が全売上に占める割合。","definition":"会社の法人向け区分が全売上に占める割合。","scope":"OpenAI全社","comparison":"API・ChatGPTとの重なりを排除したセグメント表ではない。100%構成図は作らない。","definitionKey":null},{"id":"ads-arr","label":"広告試行のARR呼称","kind":"arr","value":0.1,"currency":"USD","unit":"billion","precision":"lower_bound","status":"observed","period":{"label":"2026-03-31公表、試行開始後6週間未満","asOf":null,"start":null,"end":null},"classification":"company","sourceIds":["funding-20260331"],"location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","evidenceSummary":"広告パイロットのARRとして会社が公表した下限。","definition":"広告パイロットのARRとして会社が公表した下限。","scope":"広告パイロット","comparison":"全社ARRと定義・対象が異なる。広告の通期売上比率を逆算しない。","definitionKey":null},{"id":"amazon-equity","label":"Amazon出資予定","kind":"funding_commitment","value":50,"currency":"USD","unit":"billion","precision":"exact","status":"conditional","period":{"label":"2026-02-27発表の段階出資","asOf":"2026-02-27","start":null,"end":null},"classification":"company","sourceIds":["amazon-20260227","amazon-counterparty","amazon-20260930"],"location":"冒頭の出資条件とOpenAI to use Trainium compute","evidenceSummary":"当初150億ドル、条件達成後350億ドルの投資予定。","definition":"当初150億ドル、条件達成後350億ドルの投資予定。","scope":"OpenAI全社","comparison":"当初の条件付き約束。9月末までの500億ドル払込は相手先10-Qで別途確認。約束と払込を加算しない。3月ラウンドに内包。","definitionKey":null},{"id":"softbank-commitment","label":"SoftBank追加出資コミットメント","kind":"funding_commitment","value":30,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026年追加出資","asOf":"2026-02-27","start":null,"end":null},"classification":"company","sourceIds":["round-20260227"],"location":"冒頭の出資内訳","evidenceSummary":"2月発表の追加投資枠。","definition":"2月発表の追加投資枠。","scope":"OpenAI全社","comparison":"最終トランシェや払込完了額を追加の新規資金として重ねない。","definitionKey":null},{"id":"softbank-paid","label":"SoftBank追加出資払込済み","kind":"equity_paid","value":30,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026年追加出資／10月1日完了","asOf":"2026-10-01","start":null,"end":null},"classification":"counterparty","sourceIds":["softbank-20261001"],"location":"冒頭第1・第2段落","evidenceSummary":"相手先が2026年の追加出資完了を明記。","definition":"相手先が2026年の追加出資完了を明記。","scope":"OpenAI全社","comparison":"2025年以前の出資を含む累積総額ではない。現金残高ではない。","definitionKey":null},{"id":"ms-commitment","label":"Microsoft累積出資コミットメント","kind":"funding_commitment","value":13,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026-09-30時点","asOf":"2026-09-30","start":null,"end":null},"classification":"counterparty","sourceIds":["microsoft-20260930"],"location":"Note 1 / Investments / OpenAI・ASC 850段落","evidenceSummary":"Microsoftが報告する投資コミットメント。","definition":"Microsoftが報告する投資コミットメント。","scope":"OpenAI全社","comparison":"3月の新ラウンドと同じ範囲とは限らず合算しない。","definitionKey":null},{"id":"ms-paid","label":"Microsoft累積拠出済み","kind":"equity_paid","value":12,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026-09-30時点","asOf":"2026-09-30","start":null,"end":null},"classification":"counterparty","sourceIds":["microsoft-20260930"],"location":"Note 1 / Investments / OpenAI・ASC 850段落","evidenceSummary":"相手先決算のfunded額。","definition":"相手先決算のfunded額。","scope":"OpenAI全社","comparison":"累計約束130億ドルのうち120億ドルを拠出済み。6月末119億ドルから更新。約束額と加算しない。現在の現金ではない。","definitionKey":null},{"id":"credit-limit","label":"リボルビング借入枠","kind":"credit_facility","value":4.7,"currency":"USD","unit":"billion","precision":"approximate","status":"observed","period":{"label":"2026-03-31時点","asOf":"2026-03-31","start":null,"end":null},"classification":"company","sourceIds":["funding-20260331"],"location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","evidenceSummary":"拡張された借入可能枠。","definition":"拡張された借入可能枠。","scope":"OpenAI全社","comparison":"借入実行・現金保有ではない。現在も未使用かは未確認。","definitionKey":null},{"id":"credit-drawn","label":"同借入枠の実行額","kind":"credit_drawn","value":0,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026-03-31ラウンド完了時","asOf":"2026-03-31","start":null,"end":null},"classification":"company","sourceIds":["funding-20260331"],"location":"冒頭、Deep conviction across global capital、Leadership across consumer and enterprise","evidenceSummary":"会社は借入枠が未使用と明記。","definition":"会社は借入枠が未使用と明記。","scope":"OpenAI全社","comparison":"0は当該時点の確認済み値。現在の借入全体が0という意味ではない。","definitionKey":null},{"id":"aws-base","label":"AWS既存サービス契約","kind":"service_contract","value":38,"currency":"USD","unit":"billion","precision":"exact","status":"conditional","period":{"label":"2025年発表から7年間","asOf":"2025-11-03","start":null,"end":null},"classification":"company","sourceIds":["aws-20251103"],"location":"Key takeaways直後の契約説明","evidenceSummary":"複数年のサービス購入コミットメント。","definition":"複数年のサービス購入コミットメント。","scope":"OpenAI全社","comparison":"追加1,000億ドルとは契約期間が異なる。年割り費用を作らない。","definitionKey":null},{"id":"aws-expansion","label":"AWS追加サービス契約","kind":"service_contract","value":100,"currency":"USD","unit":"billion","precision":"exact","status":"conditional","period":{"label":"2026年発表の8年間","asOf":"2026-02-27","start":null,"end":null},"classification":"company","sourceIds":["amazon-20260227"],"location":"冒頭の出資条件とOpenAI to use Trainium compute","evidenceSummary":"既存380億ドル契約に対する追加分。","definition":"既存380億ドル契約に対する追加分。","scope":"OpenAI全社","comparison":"1,380億ドルを8年間の同一契約総額と呼ばない。年別支払・最低消費の詳細は未確認。","definitionKey":null},{"id":"azure-purchase","label":"Azure追加購入契約","kind":"service_contract","value":250,"currency":"USD","unit":"billion","precision":"exact","status":"conditional","period":{"label":"契約期間は本文で未確認","asOf":"2025-10-28","start":null,"end":null},"classification":"counterparty","sourceIds":["microsoft-20251028"],"location":"What has evolvedのAzure購入項目","evidenceSummary":"相手先発表の追加Azureサービス購入額。","definition":"相手先発表の追加Azureサービス購入額。","scope":"OpenAI全社","comparison":"期間不明のため単年度費用や年平均に換算しない。","definitionKey":null},{"id":"cw-total","label":"CoreWeave契約総額","kind":"service_contract","value":22.4,"currency":"USD","unit":"billion","precision":"upper_bound","status":"conditional","period":{"label":"2025-09-25発表までの契約群","asOf":"2025-09-25","start":null,"end":null},"classification":"counterparty","sourceIds":["coreweave-20250925"],"location":"冒頭の契約総額と過去契約の説明","evidenceSummary":"過去契約を含む最大約224億ドルの総額。","definition":"過去契約を含む最大約224億ドルの総額。","scope":"OpenAI全社","comparison":"追加65億ドルは内数。契約ごとの期間が異なるため全額を同一期間に割り付けない。","definitionKey":null},{"id":"cw-expansion","label":"CoreWeave追加注文書","kind":"service_contract","value":6.5,"currency":"USD","unit":"billion","precision":"upper_bound","status":"conditional","period":{"label":"2025年9月注文書〜2031-05-31","asOf":"2025-09-25","start":null,"end":"2031-05-31"},"classification":"counterparty","sourceIds":["coreweave-20250925","coreweave-10k"],"location":"冒頭の契約総額と過去契約の説明","evidenceSummary":"規制開示に記載された最大約65億ドルの支払コミットメント。","definition":"規制開示に記載された最大約65億ドルの支払コミットメント。","scope":"OpenAI全社","comparison":"総額224億ドルに含まれる。支払スケジュールと解除条件の詳細は未確認。","definitionKey":null},{"id":"own-capex","label":"OpenAI単独の設備投資","kind":"capex","value":null,"currency":"USD","unit":"billion","precision":"unknown","status":"unknown","period":{"label":"対象期間・実績金額を確認できず","asOf":null,"start":null,"end":null},"classification":"company","sourceIds":["cfo-20260118","stargate-20250121"],"location":"ARRと計算資源の2023〜2025年比較、収益モデルの説明","evidenceSummary":"単独企業として計上した設備投資額は今回資料から分離できない。","definition":"単独企業として計上した設備投資額は今回資料から分離できない。","scope":"OpenAI全社","comparison":"共同事業計画や計算資源の購入契約を自社設備投資と同一視しない。","definitionKey":null},{"id":"stargate-plan","label":"Stargate共同事業計画","kind":"joint_plan","value":500,"currency":"USD","unit":"billion","precision":"exact","status":"conditional","period":{"label":"2025年発表から4年間","asOf":"2025-01-21","start":null,"end":null},"classification":"company","sourceIds":["stargate-20250121"],"location":"冒頭および出資者・責任分担の説明","evidenceSummary":"共同事業が意図する米国内AIインフラ投資計画。","definition":"共同事業が意図する米国内AIインフラ投資計画。","scope":"Stargate共同事業全体","comparison":"OpenAI単独の債務・現金支出ではない。AWS等との経済的重複も未確認。","definitionKey":null},{"id":"nvidia-intent","label":"NVIDIAの投資意向上限","kind":"funding_commitment","value":100,"currency":"USD","unit":"billion","precision":"upper_bound","status":"conditional","period":{"label":"設備展開に連動／完了時期未確認","asOf":"2025-09-22","start":null,"end":null},"classification":"company","sourceIds":["nvidia-20250922"],"location":"Newsおよびletter of intentの説明","evidenceSummary":"意向書に基づく段階的投資の上限。","definition":"意向書に基づく段階的投資の上限。","scope":"OpenAI全社","comparison":"2026年の300億ドル出資との内包関係は未確認。二つを足さない。","definitionKey":null},{"id":"nvidia-round","label":"NVIDIAの2026年出資枠","kind":"funding_commitment","value":30,"currency":"USD","unit":"billion","precision":"exact","status":"conditional","period":{"label":"2026年2月発表のラウンド","asOf":"2026-02-27","start":null,"end":null},"classification":"company","sourceIds":["round-20260227"],"location":"冒頭の出資内訳","evidenceSummary":"2月に会社が発表した投資額。","definition":"2月に会社が発表した投資額。","scope":"OpenAI全社","comparison":"3月ラウンド総額の構成要素。2025年意向書の1,000億ドルと単純合算しない。","definitionKey":null},{"id":"ms-related-revenue","label":"MicrosoftのOpenAI関連売上","kind":"counterparty_revenue","value":24.1,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"Microsoft 2026年6月期","asOf":null,"start":"2025-07-01","end":"2026-06-30"},"classification":"counterparty","sourceIds":["microsoft-fy2026"],"location":"Notes to Financial Statements／OpenAI・ASC 850の段落","evidenceSummary":"相手先が認識した商取引・収益分配を含む売上。","definition":"相手先が認識した商取引・収益分配を含む売上。","scope":"MicrosoftのOpenAI関連取引","comparison":"OpenAIの原価・支払額にそのまま置き換えられない。認識時点・総額純額が異なり得る。","definitionKey":null},{"id":"ms-receivable","label":"MicrosoftのOpenAI向け債権","kind":"counterparty_receivable","value":6,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026-06-30時点","asOf":"2026-06-30","start":null,"end":null},"classification":"counterparty","sourceIds":["microsoft-fy2026"],"location":"Notes to Financial Statements／OpenAI・ASC 850の段落","evidenceSummary":"Microsoftが開示したOpenAIへの売掛債権。","definition":"Microsoftが開示したOpenAIへの売掛債権。","scope":"MicrosoftのOpenAI関連取引","comparison":"OpenAIの負債総額・現金残高・延滞額とは同義ではない。","definitionKey":null},{"id":"burn-forecast","label":"累積フリーCF予測","kind":"cash_flow","value":-278,"currency":"USD","unit":"billion","precision":"approximate","status":"forecast","period":{"label":"2026〜2030年の累積予測","asOf":null,"start":"2026-01-01","end":"2030-12-31"},"classification":"reported","sourceIds":["cashflow-20260918"],"location":"本文の累積FCF・年度売上予測","evidenceSummary":"報道が伝える会社計画の累積マイナスFCF。","definition":"報道が伝える会社計画の累積マイナスFCF。","scope":"OpenAI全社","comparison":"年次実績や年間損失ではない。この予測から現在の資金余命は算出しない。","definitionKey":null},{"id":"amazon-paid","label":"Amazon 払込済み出資","kind":"equity_paid","value":50,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026年1〜9月の出資／9月30日時点","asOf":"2026-09-30","start":"2026-01-01","end":"2026-09-30"},"classification":"counterparty","sourceIds":["amazon-20260930"],"location":"Notes to Financial Statements / Non-Marketable Investments / OpenAI、および投資キャッシュフロー","evidenceSummary":"AmazonがOpenAIのSeries C優先株へ投資した累計額。150＋137＋213＝500億ドル。","definition":"AmazonがOpenAIのSeries C優先株へ投資した累計額。150＋137＋213＝500億ドル。","scope":"OpenAI全社","comparison":"当初500億ドルの約束の履行。既存の調達総額や約束に加算しない。現在の現金残高ではない。","definitionKey":null},{"id":"ms-related-revenue-q1-2027","label":"Microsoft 対OpenAI四半期売上","kind":"counterparty_revenue","value":10,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026年7〜9月（Microsoft FY2027 Q1）","asOf":null,"start":"2026-07-01","end":"2026-09-30"},"classification":"counterparty","sourceIds":["microsoft-20260930"],"location":"Note 1 / Investments / OpenAI・ASC 850段落","evidenceSummary":"Microsoftが商業契約から認識した売上。収益分配を含む。","definition":"Microsoftが商業契約から認識した売上。収益分配を含む。","scope":"MicrosoftのOpenAI関連取引","comparison":"通期241億ドルとは期間が異なる。OpenAIの原価・現金支出へ読み替えず、年率換算もしない。","definitionKey":null},{"id":"ms-receivable-20260930","label":"Microsoft 対OpenAI売掛債権","kind":"counterparty_receivable","value":7.2,"currency":"USD","unit":"billion","precision":"exact","status":"observed","period":{"label":"2026-09-30時点","asOf":"2026-09-30","start":null,"end":null},"classification":"counterparty","sourceIds":["microsoft-20260930"],"location":"Note 1 / Investments / OpenAI・ASC 850段落","evidenceSummary":"Microsoftの対OpenAI売掛債権残高。","definition":"Microsoftの対OpenAI売掛債権残高。","scope":"MicrosoftのOpenAI関連取引","comparison":"6月末60億ドルとは時点が異なる。延滞額、OpenAIの総負債・現金残高ではない。","definitionKey":null}],"headlineIds":["run-rate-20261019","round-2026","valuation-2026","cash-unknown"],"judgements":[{"id":"growth","title":"成長","summary":"収益源は広がる。比較できる売上は限られる。","evidence":"個人課金・法人・APIを展開し、年換算売上の拡大が報じられている。","unknown":"商品別売上、継続率、ARRの算式と純額計上の範囲は未確認。","next":"同じ定義の通期売上と、商品別の課金・利用継続。","metricIds":["run-rate-20261019","enterprise-share"],"sourceIds":["cfo-20260118","revenue-20261019","funding-20260331"]},{"id":"profitability","title":"採算","summary":"売上の拡大だけでは黒字化を確認できない。","evidence":"相手先決算にはOpenAI関連取引が現れるが、OpenAI自身の損益明細はそろわない。","unknown":"推論原価、研究開発費、収益分配を含む粗利益率と営業利益。","next":"原価定義を伴う粗利益率、営業CF、株式報酬。","metricIds":["gross-margin-unknown","ms-related-revenue","ms-related-revenue-q1-2027","ms-receivable-20260930"],"sourceIds":["microsoft-fy2026","cashflow-20260918","microsoft-20260930"]},{"id":"funding","title":"資金負担","summary":"出資の払込と、長期の購入義務を別々に追う。","evidence":"Amazonの500億ドル投資済みを相手先10-Qで確認。払込と複数年の計算資源購入を区別する。","unknown":"現在の現金、年別支払、最低購入額、解約・延期条件。電力供給・関連インフラの費用総額と財務保証条件も未確認。","next":"払込実績、現金残高、契約の支払予定と稼働率。","metricIds":["softbank-paid","aws-expansion","cash-unknown","amazon-paid"],"sourceIds":["softbank-20261001","amazon-20260227","amazon-20260930","grid-20261102","georgia-power-20260722"]}],"revenueGroups":[{"id":"arr-history","label":"会社がARRと呼ぶ指標","metricIds":["arr-2023","arr-2024","arr-2025"],"comparable":false,"note":"同じCFO資料内の数値。ただしARRの算式・測定日・定義の継続性は非開示。成長率の算定や折れ線への接続は行わない。"},{"id":"runrate","label":"報道された売上ランレート","metricIds":["run-rate-20261019","run-rate-forecast"],"comparable":false,"note":"年換算の観測値と年末予測を分離。会社ARRの系列に接続しない。"},{"id":"accounting","label":"期間売上と通期予測","metricIds":["monthly-20260331","annual-forecast-2026"],"comparable":false,"note":"月次売上と年間予測は異なる期間。12倍した月次売上を確定年間売上として表示しない。"}],"revenueStreams":[{"id":"chatgpt","title":"ChatGPT","mechanism":"個人向け有料プランの継続課金","known":"主要な顧客接点。独立した売上額・粗利益率は今回資料で未確認。","overlap":"法人のChatGPT契約も存在するため「ChatGPT」と「法人」は排他的な区分ではない。","next":"有料転換・解約率、利用あたり原価","metricIds":[],"sourceIds":["cfo-20260118"]},{"id":"enterprise","title":"法人","mechanism":"席数契約・企業向け利用課金","known":"会社が法人売上の比率を公表している。","overlap":"顧客属性による区分。APIやChatGPT製品と重なるため商品別内訳へ足し合わせない。","next":"更新率、利用拡大、契約単価","metricIds":["enterprise-share"],"sourceIds":["funding-20260331"]},{"id":"api","title":"API","mechanism":"開発者・企業による従量課金","known":"単独の売上額・比率は未確認。提携先経由の売上認識にも注意が必要。","overlap":"法人顧客・クラウド経由販売と重なる。総額／純額計上により比較が変わる。","next":"実効単価、推論原価、純額計上の定義","metricIds":[],"sourceIds":["cfo-20260118","revenue-20261019"]},{"id":"other","title":"その他","mechanism":"広告・コマース等の収益化","known":"広告試行のARR呼称による下限を公表。実現した年間売上額とは異なる。","overlap":"広告ARRと全社売上を混ぜて構成比を逆算しない。","next":"継続性、認識済み売上と原価","metricIds":["ads-arr"],"sourceIds":["funding-20260331"]}],"contracts":[{"id":"round","counterparty":"Amazon・NVIDIA・SoftBankほか","type":"equity_commitment","announcedAt":"2026-03-31","amountId":"round-2026","period":"2026年3月ラウンド","periodConfirmed":false,"progress":"ラウンド完了／全額入金は未確認","conditions":"各社の払込条件は個別資料で確認。総額は現金残高ではない。","minimumPurchase":"対象外","cancellation":"未確認","scope":"openai","family":"round-2026","relations":[],"aggregationNote":"全額払込済みや現金残高とは確認できない。個別投資家の出資を再加算しない。","sourceIds":["funding-20260331"]},{"id":"amazon","counterparty":"Amazon","type":"equity_commitment","announcedAt":"2026-02-27","amountId":"amazon-equity","period":"段階出資／終期未確認","periodConfirmed":false,"progress":"9月末までに全額投資済みと相手先10-Qで確認","conditions":"発表時は初期150億ドル、追加350億ドルは条件付き。履行を別行に記録。条件の詳細は未確認。","minimumPurchase":"対象外","cancellation":"未確認","scope":"openai","family":"round-2026","relations":[{"type":"part_of","target":"round"}],"aggregationNote":"払込済み500億ドルは本約束の履行。3月ラウンドにも内包され、追加調達として二重計上しない。","sourceIds":["amazon-20260227","amazon-counterparty","amazon-20260930"]},{"id":"sb-commit","counterparty":"SoftBank Group","type":"equity_commitment","announcedAt":"2026-02-27","amountId":"softbank-commitment","period":"2026年追加投資","periodConfirmed":false,"progress":"払込完了資料あり","conditions":"完了額は別行のsettles関係で管理。","minimumPurchase":"対象外","cancellation":"未確認","scope":"openai","family":"round-2026","relations":[{"type":"part_of","target":"round"}],"aggregationNote":"最終トランシェや払込完了額を追加の新規資金として重ねない。","sourceIds":["round-20260227"]},{"id":"sb-paid","counterparty":"SoftBank Group","type":"equity_paid","announcedAt":"2026-10-01","amountId":"softbank-paid","period":"2026年追加投資／10月1日完了","periodConfirmed":true,"progress":"相手先が払込完了を公表","conditions":"最終100億ドルは300億ドルの内数。","minimumPurchase":"対象外","cancellation":"未確認","scope":"openai","family":"round-2026","relations":[{"type":"settles","target":"sb-commit"}],"aggregationNote":"2025年以前の出資を含む累積総額ではない。現金残高ではない。","sourceIds":["softbank-20261001"]},{"id":"ms-commit","counterparty":"Microsoft","type":"equity_commitment","announcedAt":null,"amountId":"ms-commitment","period":"2026-09-30時点の累計","periodConfirmed":false,"progress":"累計約束130億ドルのうち120億ドルを拠出済み","conditions":"120億ドル拠出済みとの内包関係を維持。","minimumPurchase":"対象外","cancellation":"未確認","scope":"openai","family":"microsoft-equity","relations":[],"aggregationNote":"3月の新ラウンドと同じ範囲とは限らず合算しない。","sourceIds":["microsoft-20260930"]},{"id":"ms-paid","counterparty":"Microsoft","type":"equity_paid","announcedAt":null,"amountId":"ms-paid","period":"2026-09-30時点の累計","periodConfirmed":true,"progress":"累計約束130億ドルのうち120億ドルを拠出済み","conditions":"現金・クラウド等の提供形態の詳細は当該段落では未確認。","minimumPurchase":"対象外","cancellation":"未確認","scope":"openai","family":"microsoft-equity","relations":[{"type":"settles","target":"ms-commit"}],"aggregationNote":"130億ドルのコミットメントの内数であり、追加の資金枠ではない。","sourceIds":["microsoft-20260930"]},{"id":"credit","counterparty":"銀行団","type":"credit_facility","announcedAt":"2026-03-31","amountId":"credit-limit","period":"2026-03-31時点／満期未確認","periodConfirmed":false,"progress":"枠の拡張を公表","conditions":"借入枠。期限・金利・担保条件の詳細は未確認。","minimumPurchase":"対象外","cancellation":"未確認","scope":"openai","family":"revolver","relations":[],"aggregationNote":"借入実行・現金保有ではない。現在も未使用かは未確認。","sourceIds":["funding-20260331"]},{"id":"credit-use","counterparty":"銀行団","type":"credit_drawn","announcedAt":"2026-03-31","amountId":"credit-drawn","period":"2026-03-31時点","periodConfirmed":true,"progress":"当該時点は未実行","conditions":"以後の借入状況は未確認。","minimumPurchase":"対象外","cancellation":"未確認","scope":"openai","family":"revolver","relations":[{"type":"part_of","target":"credit"}],"aggregationNote":"0は当該時点の確認済み値。現在の借入全体が0という意味ではない。","sourceIds":["funding-20260331"]},{"id":"aws-old","counterparty":"Amazon Web Services","type":"compute_purchase","announcedAt":"2025-11-03","amountId":"aws-base","period":"2025年発表から7年間","periodConfirmed":true,"progress":"契約発表／支払実績は未確認","conditions":"計算資源へのアクセス契約。年別支払予定は未確認。","minimumPurchase":"未確認（公表額を最低購入義務と断定しない）","cancellation":"未確認","scope":"openai","family":"aws-services","relations":[],"aggregationNote":"追加1,000億ドルとは契約期間が異なる。年割り費用を作らない。","sourceIds":["aws-20251103"]},{"id":"aws-new","counterparty":"Amazon Web Services","type":"compute_purchase","announcedAt":"2026-02-27","amountId":"aws-expansion","period":"2026年発表の8年間","periodConfirmed":true,"progress":"既存契約を拡張","conditions":"既存380億ドルへの追加分。両契約の起算日・期間は同一としない。","minimumPurchase":"未確認（公表額を最低購入義務と断定しない）","cancellation":"未確認","scope":"openai","family":"aws-services","relations":[{"type":"expands","target":"aws-old"}],"aggregationNote":"1,380億ドルを8年間の同一契約総額と呼ばない。年別支払・最低消費の詳細は未確認。","sourceIds":["amazon-20260227"]},{"id":"azure","counterparty":"Microsoft 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