According to UBS analyst estimates, OpenAI and Anthropic could account for 48% of Google Cloud’s projected 2027 revenue, up from an expected 27% in 2026. Neither company has ever turned a profit, yet together they represent a substantial portion of Google Cloud’s revenue stream from infrastructure fees. Alphabet has raised its 2026 capital expenditure guidance to a range of $175 billion to $205 billion to fund the expansion. This customer concentration exposes Alphabet to significant dependency risk and gives these two clients substantial pricing leverage. Google Cloud’s Q4 2025 revenue reached $17.7 billion, with subsequent quarterly growth accelerating to 63% and then 82%.
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