The hyperscaler AI race is accelerating, and the numbers are extraordinary. I’ll do detailed breakdowns shortly, but here are the key figures tech leaders need to know.

Revenue Growth

Google Cloud grew 63% to $20B - by far the fastest of the three.

AI solutions built on Google’s own models grew ~800% and became Cloud’s primary growth driver for the first time.

AWS grew 28% to $37.6B, its fastest growth rate in 15 quarters. The last time AWS grew this fast, the business was roughly half its current size. AWS is now at $150B annual run rate.

Microsoft Azure grew an impressive 40%.

All three said revenue would have been higher if they had more capacity.

Cloud Commits

This is where it gets really interesting for anyone selling through marketplaces.

Google Cloud backlog nearly doubled in a single quarter to $462B.

AWS backlog reached $364B - and that excludes the recently announced $100B+ Anthropic commitment.

Microsoft RPO remained roughly the same as last quarter at $627B. We estimate Azure commitments at $430B-$440B, including Open AI.

Add it up and customer cloud commits across the big three now exceed $1.2T. While not all are marketplace-addressable, the potential budget that ISVs can tap through the marketplace is rapidly expanding.

AI Revenue

Microsoft disclosed the largest number: $37B annual run rate for AI, up 123% YoY (likely across the business).

AWS said AI revenue is growing triple digits with a run rate exceeding $15B.

Google didn’t share an absolute figure but the 800% growth rate on AI-model-based products tells the story.

CapEx

The investment race is breathtaking.

Google raised 2026 guidance to $180–190B and said 2027 will be “significantly” higher.

Microsoft guided to ~$190B for calendar year 2026.

AWS spent $43.2B in Q1 alone, planning to spend ~$200B this year.

Combined, these three companies are guiding ~$570B+ of 2026 CapEx/ AI infrastructure investment. All three expect to remain capacity constrained through at least the end of 2026.

What this means for alliance leaders:

• $1.2T in cloud commits is the largest pool of pre-committed enterprise software budget ever created. If your product is available on marketplaces, the addressable wallet is growing faster than at any point in history.

• All three clouds are adding AI capacity as fast as they physically can and still can’t meet demand. Cloud sellers are under enormous pressure to show returns on this investment. That creates co-sell leverage for ISVs who help drive consumption.

• The partner signals are incredibly strong. Google reported 9x growth in partner-sold Gemini seats.