Microsoft and OpenAI have entered a new definitive agreement that reshapes their partnership and values OpenAI at approximately $135 billion. Under the new structure, which follows OpenAI's move to a public benefit corporation, Microsoft will hold a 27% stake, solidifying its position as the largest external investor. This next phase of the collaboration is designed for the long-term success of both organizations. The restructured deal introduces a new governance framework for Artificial General Intelligence (AGI), requiring verification from an independent expert panel for any AGI declaration by OpenAI. The agreement also gives both companies the freedom to independently pursue AGI development. Microsoft's intellectual property rights are extended through 2032 and now include post-AGI models, a critical provision as the technology evolves.