Microsoft’s Azure cloud platform crossed the $100 billion annual revenue mark for the first time, driven by 40% year-over-year growth. The Microsoft Cloud segment generated $54.5 billion in a single quarter, up 29% year-over-year, while the AI business reached a $37 billion annualized run rate, a 123% increase. In November 2025, Microsoft signed a $9.7 billion AI cloud agreement with IREN, a former Bitcoin mining company, including $5.8 billion worth of Dell GPUs. This convergence between crypto-native companies and traditional cloud customers raises questions about decentralization, as crypto infrastructure increasingly relies on a handful of hyperscale cloud providers such as Azure.
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