Google Cloud Expected to Generate Over 48% of Revenue from OpenAI and Anthropic by 2027
It is estimated that OpenAI and Anthropic will account for more than 48% of Google Cloud's revenue in 2027. The increasing demand for AI infrastructure is expected to drive revenue growth, leading to a higher dependence on large customers. According to UBS analysis, the combined revenue share of the two companies could exceed 48%. Alphabet does not disclose cloud revenue by customer, so this figure is an estimate rather than an official result. In the second quarter of 2026, Google Cloud's revenue reached $24.8 billion, an 82% increase year-over-year, with a backlog expanding to $514 billion. CEO Sundar Pichai explained that the demand for AI infrastructure and solutions is driving the growth of Google Cloud. Alphabet raised its capital expenditure outlook for 2026 to between $195 billion and $205 billion, while the free cash flow for the second quarter recorded a deficit of $5.9 billion. OpenAI added Google Cloud as a compute provider in 2025, and Anthropic announced an expansion of TPU usage with Google Cloud in April 2026. Anthropic signed a $200 billion contract with Google Cloud for five years, which accounts for about 39% of Google Cloud's backlog. The profitability of these two customers needs to be viewed separately, as OpenAI burned through $3.7 billion in the first quarter of 2026.
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