Claude maker Anthropic and ChatGPT parent OpenAI now reportedly account for a major share of future revenues at major cloud providers, including Google, Amazon, Microsoft and others. A report claims that the contracts of two of the biggest cash-burning artificial intelligence (AI) companies currently account for roughly half of the $2 trillion in revenue backlog across the sector. The figures highlight how long-term spending commitments from these companies are shaping the financial outlook of cloud infrastructure firms.According to a report by The Information, together agreements involving Anthropic and OpenAI make up around half of the total backlog reported by leading US cloud providers, including Amazon, Microsoft, Google, and Oracle. These backlogs represent contracted future revenue from customers, reflecting demand for computing infrastructure driven by AI workloads.
How AI spending commitments are reshaping the cloud market
The report claims that Anthropic alone has committed to spending about $200 billion with Google Cloud over five years under a recent agreement. The deal is expected to account for more than 40% of Google’s disclosed revenue backlog, underlining the scale of its infrastructure needs.Across providers, both Anthropic and OpenAI have entered into multi-year agreements worth hundreds of billions of dollars. For instance, OpenAI is projected to spend around $45 billion on servers this year, up from about $17 billion last year, with a large portion tied to Microsoft, one of its early backers.Meanwhile, Anthropic has projected spending of more than $20 billion on servers this year, with estimates likely to rise following recent growth in its business.The scale of these commitments reflects expectations that both companies will expand their revenues significantly over the next few years. Projections suggest that by 2029, their revenues could grow 20 to 30 times compared to 2025 levels.However, some investors remain cautious about whether such levels of spending will materialise as planned. Concerns have also emerged about concentration risk, as a large portion of cloud providers’ future revenue depends on just two companies.Despite these concerns, cloud providers continue to invest heavily in both startups. Amazon, Google, and Microsoft have collectively invested tens of billions of dollars in Anthropic and OpenAI, betting that their demand for computing infrastructure will translate into sustained, long-term revenue.
