Amazon’s OpenAI investment and cloud partnership made big headlines Friday, but the mechanics of the deal — including how the money flows, what triggers the payments, and what happens if things go sideways — are buried in SEC filings that tell a more complicated story.
Here’s how it works, what the filings say, and what they’re still keeping under wraps.
The money: Amazon is investing up to $50 billion in OpenAI, in two stages.
- $15 billion in OpenAI Series C Preferred Stock, due March 31.
- A $35 billion commitment that comes later, with the timing dependent on a series of triggers. (The filing puts the exact figure at $34,999,999,447.98. The share price didn’t divide evenly into $35 billion, leaving it $552.02 short. Every…