The contract, which begins next year, is part of the agreement under which Google will provide the AI company with five gigawatts of server capacity. When the two companies announced the deal last month, they did not disclose a dollar figure.

According to The Information, this deal alone accounts for more than 40% of the total “revenue backlog” Google recently disclosed to investors. Google’s backlog — contracted future cloud revenue — roughly doubled in the first quarter to more than $460 billion. The cloud division grew by 63% over the same period, which The Information attributes largely to Anthropic’s API running on Google Cloud.

Two Startups Drive Half of the Cloud Boom

Together with OpenAI, Anthropic reportedly accounts for around half of the $2 trillion backlog across Amazon, Microsoft, Google, and Oracle. At AWS, the corresponding figure rose by 49% in the first quarter to $364 billion. OpenAI increased its commitment there by $100 billion, while an additional Anthropic deal, also worth $100 billion, provides for up to five gigawatts over ten years.

The figures show how heavily the AI boom depends on the plans of two loss-making companies. OpenAI expects server spending of around $45 billion this year, up from $17 billion in 2024, much of it with Microsoft. Anthropic forecast more than $20 billion for 2025 in mid-December, three times the previous year’s level. After the revenue jump in the first quarter, the actual figure is likely to be higher. By 2029, Anthropic has planned a total of around $200 billion in spending with Microsoft, Google, and Amazon, while OpenAI alone has earmarked about $180 billion for 2029.

Whether those sums will hold is uncertain. Both companies’ forecasts assume 20- to 30-fold revenue growth by 2029. Oracle’s stock has fallen 45% since September, after the company announced a $300 billion contract with OpenAI.

The advantage lies with providers that can also profit from downstream use of the models. Microsoft will now keep 100% of Azure revenue from OpenAI models, whereas previously 20% flowed back to OpenAI. Google additionally benefits from Anthropic running on its in-house TPU chips, which enables higher margins than renting out expensive Nvidia servers.