(Reuters) -Microsoft said on Tuesday it has reached a deal with OpenAI to allow the ChatGPT maker to restructure itself into a public benefit corporation, following which Microsoft would hold a stake of about $135 billion - or 27% - in the AI startup.

The deal removes a major constraint on raising capital for OpenAI, the maker of ChatGPT, and values firm at $500bn.

Microsoft plans to double its global data centre network within two years, reinforcing its leadership in the rapidly expanding AI industry.

Microsoft's AI infrastructure spending to meet growing cloud services demand is outpacing Wall Street expectations, deepening investor fears about the costs of sustaining the boom. The technology giant reported a record capital expenditure of nearly $35 billion for its fiscal first quarter on Wednesday and warned spending would rise this year,

Microsoft and OpenAI restructured their relationship, allowing OpenAI to become a public benefit corporation valued at $500 billion. This move grants OpenAI more operational freedom. Microsoft maintains a 27% stake and gains substantial returns from its investment.

As Azure crumbled, Microsoft laid out its latest 40% growth rate numbers to show how well the platform is doing

The deal removes a major constraint on raising capital for OpenAI that has existed since 2019, when it signed a deal with Microsoft that gave the tech giant rights over much of Op

Microsoft and OpenAI have executed a transformative deal worth $500 billion, allowing OpenAI to restructure as a public benefit corporation. Microsoft will retain a significant stake of 27%, while OpenAI will gain more capital-raising flexibility.