OpenAI's Future IPO Keeps Me Buying Microsoft

Impact · against what's priced in

The article contains no new catalysts for MSFT, as the key financial metrics—Azure growth, the $678B backlog, and the OpenAI stake valuation—are already explicit components of the current price reconstruction. The projected FY2027 capex of $175B confirms the expected pressure on FCF margins rather than introducing a new risk.

MSFT+0.00

Already priced in

The price assumes

Server and cloud revenue growing near 30% annually

Azure's growth guidance of ~45% for Q1 FY2027 and the $100B annual run rate support the revenue growth assumptions the price already pays for.

What MSFT's price assumes · Sep 21

• guidance
• ipo
• valuation
• MSFT
• software
• ai
• cloud computing
• capex

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