OpenAI has warned that its close ties with Microsoft could pose a risk to its business, as it prepares to make its public market debut as soon as this year. The company highlighted these risks in a financial document shared with prospective investors tied to its record $110 billion funding round. Other risks included significant capital expenditures, reliance on compute resources, ongoing litigation with Elon Musk's xAI, and unusual structure as a public benefit corporation. Microsoft has invested $13 billion in OpenAI and disclosed its 27% diluted stake in the for-profit part of the organization was valued at $135 billion. OpenAI's operating results will depend on its ability to successfully develop relationships with additional partners aside from Microsoft. The AI company also highlighted potential disruptions to its supply chain due to tensions between China and Taiwan. It anticipates continued capital expenditures and commitments for "compute, data center services and related infrastructure projects" alongside partners Microsoft, Nvidia, Advanced Micro Devices and Broadcom.