Let’s look underneath: ~45% of Snowflake’s revenue now flows through a single marketplace, while the company has committed $730M upstream to cloud infrastructure and an AI model provider.

This is the new Cloud GTM playbook and economics in full view.

Marketplace is becoming the dominant rail for AI

As Snowflake grew 29% YoY in Q3, its CEO highlighted they “surpassed $2 billion in sales through AWS Marketplace in a single calendar year” and won 14 AWS Partner awards.

With ARR at $4.6B, $2B in AWS Marketplace sales positions Marketplace as the dominant rail for Snowflake. For many large enterprises, “buying Snowflake” is increasingly financially synonymous with buying it via AWS Marketplace. (They grow on other clouds too).

Snowflake also reported that AI influenced 50% of bookings in Q3, with 28% of new use cases incorporating AI.

Putting these together: Marketplace is becoming the commercial backbone for selling AI products.

The economics: hyperscalers win when the workload scale

Snowflake disclosed third-party cloud infrastructure expenses were 72% of cost of product revenue, up from 64% a year ago.

They just signed a new $530M cloud infrastructure commitment (Nov 2025–Oct 2030).

Translation: cloud is the biggest cost line for many software companies.

When Snowflake expands, underlying cloud consumption expands — which is why hyperscalers invest so heavily in Marketplace + co-sell.

AI agentic partnerships are starting to look like cloud partnerships

Snowflake announced an $200M Anthropic partnership that “brings native model availability into Snowflake and introduces a new joint go-to-market motion designed to accelerate enterprise AI adoption.”

Separately, they disclosed a renewed AI service provider agreement: $200M in commits over 3 years, ramping $50M → $70M → $80M per year.

The AI deal (Anthropic? given the matching amount) mirrors hyperscaler commit structures: multi-year, annual step-ups. It also signals the confidence and growth assumptions Snowflake is modeling in AI adoption.

This 3-way relationship — ISV commits to hyperscaler, ISV commits to AI provider, AI provider runs on hyperscaler — is becoming the standard.

Snowflake is treating foundation model providers the way they treat cloud providers: strategic infrastructure partners with joint GTM motions, not just API vendors.

New ‘$2B club’ is forming — and it changes the benchmark

Just 10 months ago, crossing $1B annually on a single marketplace was headline news. CrowdStrike hit it in Feb, Splunk in April, Salesforce crossed $2B in Q1 and $3B recently.

Now Snowflake is setting a $2B/year bar, as category leaders keep scaling.

This shows the power of joint GTM with hyperscalers, AI-fueled growth, and how transformative cloud marketplaces are for the software industry.

It changes how you design your GTM: Marketplace stops being “optional” and becomes the standard path.