Microsoft and OpenAI have officially reached a new deal after months of negotiations, further defining their high-profile partnership.

As part of the revised agreement, Microsoft will acquire a 27% equity stake in OpenAI — an investment valued at approximately $135 billion, according to a joint announcement on Tuesday.

The arrangement also ensures that Microsoft can continue using OpenAI’s artificial intelligence systems through 2032, including access to any models capable of reaching artificial general intelligence benchmarks. However, Microsoft will no longer retain its previous first-refusal rights over OpenAI’s computing resources.

In return, OpenAI has pledged to spend an additional $250 billion on Microsoft’s Azure cloud services, reinforcing the companies’ ongoing collaboration.