Big Tech’s AI Cloud Backlog Centered on OpenAI and Anthropic

OpenAI and Anthropic now dominate Big Tech's AI cloud backlog, with fresh filings revealing both companies account for over half of the nearly $2 trillion in future cloud revenue booked by Microsoft, Oracle, Alphabet, and Amazon. The circular financing model—where tech giants fund AI firms that then spend on their cloud infrastructure—creates a self-reinforcing revenue loop.

Microsoft's $13 billion investment in OpenAI exemplifies this dynamic. The majority of the funding came as Azure credits, which OpenAI used to develop AI models on Microsoft's servers. This arrangement simultaneously supports OpenAI's operations and generates revenue for Microsoft, creating a closed financial ecosystem.

The practice raises questions about the true economic value being created, as capital essentially cycles between related entities while producing impressive accounting figures for Wall Street. This symbiotic relationship between AI developers and cloud providers is reshaping how technology infrastructure investments are structured and reported.