Here are the key insights I took from it:

1️⃣ The pace is accelerating as GCP is scaling a billion-scale Marketplace motion

Palo Alto Networks (PANW) $2B is cumulative — but it comes quickly after the $1.5B milestone shared at Google Cloud Next in April.

That’s +$500M in ~8 months, or roughly ~$750M/year annualized.

Not a “$1B/year club” yet — but it’s moving that way. Impressive.

2️⃣ Co-sell is downstream of co-build

The headline isn’t only the expansion — it’s also 75+ joint integrations.

Marketplace sales and co-sell don’t scale because you have a listing.

They scale when you ship pre-vetted, engineered customer outcomes — deeply integrated with the buyer’s stack and data.

3️⃣ The wedge is “secure agentic AI” (not generic AI)

The expansion is anchored to the agent stack: securing AI workloads on Vertex AI / Agent Engine, plus securing Google’s Agent Developer Kit (ADK), across posture, runtime, and model security.

Translation: partner roadmaps are being tied to cloud AI primitives — packaging security as an essential layer of the AI (and cloud) platform.

4️⃣ “Strategic partner” now includes consumption alignment

Alongside Marketplace growth, Palo Alto said it will migrate key internal workloads to Google Cloud under a new multi-billion-dollar agreement (Reuters reported a source calling it “approaching $10B,” though execs didn’t confirm it).

One proven data point: Palo Alto disclosed $6.38B in cloud infrastructure commitments on its books as of the end of October, with $2.5B extending to 2031 and later.

This gives you a sense of the size of deals being signed around cloud + AI — not just by hyperscalers, but by the largest ISVs.

PANW is ~$9.2B in revenue with $15.5B customer RPO.

Insight: the fact that their cloud commitments (~$6B+) are becoming comparable to PANW customer RPO (~$15B) is a fascinating ratio. It shows that for every $1 of software sold, there’s a significant underlying investment in compute/AI infrastructure.

5️⃣ The backdrop is driving this shift

Palo Alto’s newly published cloud security survey of enterprises reads like a cloud & AI tailwind:

• 7 out of 10 enterprises “operate in extensive cloud integration or fully cloud-native states”

• Multicloud is default (65% use 3+ clouds)

• 75% already have AI systems in production (another 23% plan to within 12 months)

• Enterprises want platformization, not more tools — which is exactly where PANW is pushing hardest

If you lead alliances, the question isn’t “do we have Marketplace presence?”

It’s: do we have joint outcomes, mapped to the hyperscaler narrative/AI stack, that a customer can buy (with commits) and deploy with minimal integration work?