AWS held a 28% share of worldwide cloud infrastructure spending in the first quarter of 2026, with Azure at 21% and Google Cloud at 14%, according to the firm’s year-over-year disclosures. Worldwide cloud infrastructure service revenues reached $129 billion in Q1 2026, representing 35% year-over-year growth and the ninth consecutive quarter of increasing YoY growth, per industry analysts.
The data below covers market share, revenue, growth rates, capex commitments, AI revenue run rates, region footprints, and pricing benchmarks for the three dominant hyperscale providers through the first quarter. AWS, Microsoft’s Intelligent Cloud, and Google Cloud together accounted for the majority of cloud-segment revenue across publicly disclosed hyperscalers in the most recent reporting period.
Key Takeaways
- AWS revenue reached $37.6 billion in Q1 2026, up 28% year over year, the cloud unit’s fastest growth in 15 quarters, per Amazon’s earnings release.
- Microsoft’s Azure and other cloud services revenue increased 40% year over year in Q3 FY2026, while Google Cloud grew 63% year over year, both running well ahead of AWS’s 28% pace.
- The Big Three combined hold 63% of the worldwide cloud market, per industry analysts, with five neoclouds collectively at 5%.
- Microsoft‘s AI business surpassed an annual revenue run rate of $37 billion, up 123% year over year, while AWS AI services reached an annualized run rate above $15 billion.
- Google Cloud’s operating margin nearly doubled to 32.9% in Q1 2026 from 17.8% the year prior, narrowing the profitability gap with AWS at 37.7% operating margin.
- Microsoft’s commercial remaining performance obligation reached $627 billion at quarter’s end, with Google Cloud’s backlog at over $460 billion.
- Amazon’s $200 billion 2026 capex plan, Microsoft’s about $190.0 billion calendar-year capex outlook, and Alphabet’s $180 billion to $190 billion guidance together commit hundreds of billions of dollars to AI data center build-out.
Editor’s Choice
- AWS Q1 2026 revenue grew 28% year over year to $37.6 billion, with operating income of $14.2 billion, per Amazon’s earnings release.
- Microsoft Cloud revenue was $54.5 billion in Q3 FY2026, up 29% year over year, per Microsoft’s press release.
- Google Cloud Q1 2026 revenue topped $20 billion, marking the first quarter the segment cleared the $20 billion mark.
- Microsoft AI’s annual revenue run rate surpassed $37 billion, up 123% year over year.
- AWS AI services’ annualized revenue run rate stood above $15 billion, roughly 10% of AWS’s overall run rate.
- Worldwide Q1 2026 cloud spend reached $129 billion, with a $514.4 billion annualized run rate per industry analysts.
- The firm’s Q1 cloud market is fifteen times larger than it was a decade ago and growing 35% annually.
Recent Developments
- April 29, 2026: Amazon reported Q1 FY2026 AWS revenue of $37.6 billion, up 28% year over year, the cloud unit’s fastest growth in 15 quarters, per Amazon’s earnings release.
- April 29, 2026: Microsoft reported Azure and other cloud services revenue up 40% year over year in Q3 FY2026, with the AI business surpassing a $37 billion annual run rate.
- April 29, 2026: Alphabet reported Google Cloud Q1 2026 revenue topping $20 billion for the first time, up 63% year over year, with operating margin nearly doubling to 32.9%.
- April 28, 2026: OpenAI brought its models to AWS Bedrock following the end of Azure exclusivity, supported by an AWS cloud commitment worth more than $100 billion over eight years, per CNBC reporting on Amazon and OpenAI announcements.
- Anthropic and Amazon expanded their collaboration to secure up to 5 gigawatts of AWS capacity for Claude, with Anthropic committing more than $100 billion over ten years and Amazon investing $5 billion plus up to $20 billion more.
- Amazon, Microsoft, Alphabet, and Meta collectively plan $725 billion in 2026 capex, up 77% from last year’s record $410 billion, per an industry data tracker’s aggregation of vendor disclosures.
AWS vs Azure vs Google Cloud Market Share Statistics
- AWS held 28% of the worldwide cloud infrastructure market in Q1 2026 with 28% year-over-year growth, Azure held 21%, and Google Cloud held 14%, per industry analysts.
- The Big Three combined held 63% of the world cloud market in Q1 2026, with the top three holding 67% of the public IaaS and PaaS segment, which grew 38% in Q1.
- AWS held 29% of the cloud market in Q3 2025, Microsoft 20%, and Google Cloud 13%, with the Big Three combined at 63%, per industry analysts.
- Amazon’s market share has averaged just under 30% over the past four quarters, down from a little over 32% in 2021. John Dinsdale, Chief Analyst
- AWS share fell roughly one percentage point year over year between Q3 2025 (29% per the cloud-tracking research firm) and Q1 2026 (28%), while Azure rose one point (20% to 21%) and Google Cloud rose one point (13% to 14%).
- Five neocloud companies, including CoreWeave, Crusoe, Nebius, and Lambda, collectively represent 5% of the total cloud market, per industry analysts.
- Q1 2026 worldwide cloud service revenues hit a $514.4 billion run rate, fifteen times larger than the cloud market a decade ago, per industry analysts.
| Provider | Q1 2026 Share | Q3 2025 Share |
| AWS | 28% | 29% |
| Microsoft Azure | 21% | 20% |
| Google Cloud | 14% | 13% |
| Big Three combined | 63% | 63% |
| Five neoclouds | 5% | n/d |
Source: the firm cloud market share reports.
By the numbers: AWS, Microsoft Azure, and Google Cloud together held over 63% of the worldwide cloud infrastructure market in Q1 2026, per the cloud-tracking research firm, with AWS at 28%, Microsoft Azure at 21%, and Google Cloud at 14%; AWS’s lead has narrowed by one percentage point quarter-on-quarter while Google Cloud climbed from 13%.
The market share split tells only part of the story. The growth rate gap explains why analysts increasingly frame the next two years as a contest for share rather than a settled hierarchy.
AWS vs Azure vs Google Cloud Revenue Statistics
- AWS revenue of $37.6 billion cleared the $36.64 billion consensus estimate in Q1 2026, representing a 28% year-over-year gain.
- Microsoft’s Intelligent Cloud revenue was $34.7 billion in Q3 FY2026, up 30% (28% in constant currency).
- Microsoft Cloud revenue was $54.5 billion in Q3 FY2026, up 29% year over year (up 25% in constant currency).
- Google Cloud topped $20 billion in Q1 2026, growing 63% over last year.
- Total Amazon revenue in Q1 2026 was $181.5 billion, up 17% year-on-year.
- Consolidated Alphabet revenues increased 22% to $109.9 billion in Q1 2026.
- AWS run rate stood at roughly $142 billion in Q1 2026, with AI services accounting for over $15 billion of that figure.
- Microsoft Cloud’s $54.5 billion quarterly revenue in Q3 FY2026 implies a roughly four-times-quarterly annualized run rate, with the $54.5 billion figure compounding across the next four quarters at the disclosed pace.
| Provider | Q1 2026 Quarterly Revenue | Annualized Run Rate (4x quarterly) | Growth (YoY) |
| AWS | $37.6 billion | ~4x quarterly | 28% |
| Microsoft Intelligent Cloud | $34.7 billion | ~4x quarterly | 30% (28% CC) |
| Microsoft Cloud (broader) | $54.5 billion | ~4x quarterly | 29% |
| Google Cloud | $20 billion | ~4x quarterly | 63% |
Source: Amazon Q1 2026 earnings release, Microsoft Q3 FY2026 press release, Alphabet Q1 2026 earnings release.
The headline figure to flag for readers: AWS still ships more cloud revenue per quarter than Google Cloud and Microsoft’s Intelligent Cloud individually, but Microsoft’s broader Cloud category, which folds in Microsoft 365 Commercial and other cloud properties, already outsizes AWS by revenue.
AWS vs Azure vs Google Cloud Growth Rate Statistics
- Microsoft’s Azure and other cloud services revenue increased 40% year over year in Q3 FY2026 (up 39% in constant currency).
- AWS posted its fastest growth in 15 quarters at 28% year over year in Q1 2026, driven by significant AI infrastructure demand and investments from major customers like OpenAI.
- Google Cloud’s Q1 2026 revenue grew 63% year over year, exceeding $20 billion for the first time.
- Public IaaS and PaaS services grew 38% in Q1 2026, per industry analysts.
- Google Cloud’s 63% Q1 growth rate ran more than twice as fast as AWS’s 28%, the widest growth gap across the top three providers on a year-over-year basis.
- Amazon maintains a strong lead in the market, though Microsoft and Google continue to achieve substantially higher growth rates. John Dinsdale, Chief Analyst
- The Q1 2026 cloud market is now fifteen times larger than it was a decade ago and continues to expand at 35% annually, per industry analysts.
Across our Microsoft 365 statistics coverage and broader platform data, Microsoft’s enterprise stickiness has consistently translated into faster cloud expansion, but the gap between Google Cloud’s pace and AWS’s now defines where the runway remains widest.
AWS vs Azure vs Google Cloud Operating Income and Margin Statistics
- AWS generated operating income of $14.2 billion in Q1 2026 at a 37.7% operating margin.
- Google Cloud’s operating income reached $6.6 billion in Q1 2026 with a 32.9% operating margin, nearly doubling from the 17.8% margin achieved in the same quarter last year.
- Microsoft’s overall operating income was $38.4 billion in Q3 FY2026, up 20% year over year.
- Consolidated Alphabet’s operating income increased 30% in Q1 2026, with operating margin expanding by 2 percentage points to 36.1%.
- AWS’s 37.7% Q1 2026 operating margin sat several points above Google Cloud’s 32.9%, a narrower margin gap than in prior quarters when Google Cloud’s segment margin trailed by double digits.
- Alphabet’s net income for Q1 2026 came in at $62.58 billion, or $5.11 per share, up 81% compared to the year prior.
Key finding: Google Cloud’s operating margin nearly doubled year over year to 32.9% in Q1 2026 from 17.8%, per Alphabet’s earnings release, while AWS held its margin at 37.7%, per Amazon’s earnings release; the narrowing profitability gap suggests the historical “AWS is the only one making money on cloud” narrative is breaking down at the hyperscale tier.
AWS vs Azure vs Google Cloud Capital Expenditure Statistics
- Amazon plans to invest $200 billion in capital expenditures in 2026, most of which will be funnelled into data centers for its AWS cloud division.
- Consensus expectations had been closer to $147 billion before Amazon disclosed its $200 billion 2026 capex plan.
- Microsoft management expects capital expenditures to increase to over $40.0 billion in the next quarter and expects about $190.0 billion of capital expenditures through the end of calendar year 2026.
- Alphabet updated its 2026 capital expenditure guidance range to $180 billion to $190 billion, up from its previous estimate of $175 billion to $185 billion.
- Google, Amazon, Microsoft, and Meta collectively plan to spend $725 billion on capex in 2026, up 77% from last year’s record $410 billion.
- Amazon’s $200 billion capex commitment against AWS’s $142 billion run rate works out to roughly 1.4 times revenue, Microsoft’s $190.0 billion against Microsoft Cloud’s quarterly $54.5 billion base sits below revenue, and Alphabet’s $180 billion to $190 billion against Google Cloud’s $20 billion quarterly base scales to multiples of cloud revenue, leaving Alphabet the most capex-leveraged of the three relative to current cloud revenue.
- Meta has revised its capex range upward from $115-135 billion to $125-145 billion, per an industry data tracker.
The capex-to-revenue ratio is where the three providers diverge most sharply. Hyperscalers compete with each other for Nvidia’s GPU pipeline on a roughly proportional basis, but Alphabet’s most-leveraged position signals the most aggressive bet relative to current cloud revenue.
AWS vs Azure vs Google Cloud Backlog and Contracted Revenue Statistics
- Microsoft’s commercial remaining performance obligation increased 99% year over year to $627 billion in Q3 FY2026.
- Google Cloud’s revenue backlog nearly doubled quarter over quarter in Q1 2026 to over $460 billion.
- Microsoft’s $627 billion commercial RPO and Google Cloud’s over $460 billion backlog combine for a contracted-but-unrecognized cloud revenue figure many times larger than a single quarter’s combined cloud sales.
- Anthropic committed more than $100 billion over the next ten years to AWS technologies, with Amazon investing $5 billion in Anthropic and up to an additional $20 billion in the future.
- Amazon and OpenAI in February struck a $50 billion investment and a cloud deal worth more than $100 billion over eight years.
| Provider | Backlog / Contracted Cloud Revenue | Disclosure Period |
| Microsoft (commercial RPO) | $627 billion | Q3 FY2026 |
| Google Cloud | $460+ billion | Q1 2026 |
| AWS (no public RPO disclosure) | n/d | n/d |
Source: Microsoft Q3 FY2026 press release, Alphabet Q1 2026 earnings release.
Why it matters: Microsoft’s over $627 billion commercial RPO and Google Cloud’s over $460 billion backlog signal that hyperscale cloud revenue through the next several years is largely locked in, with the largest contributors being multi-year AI compute commitments including Anthropic’s more than $100 billion AWS commitment.
AWS vs Azure vs Google Cloud AI Revenue Statistics
- AWS AI services reached an annualized revenue run rate above $15 billion in Q1 2026, equal to roughly 10% of AWS’s $142 billion run rate.
- Microsoft’s AI business surpassed an annual revenue run rate of $37 billion, up 123% year over year, per Microsoft’s Q3 FY2026 press release.
- Amazon client spending on Bedrock increased 170% quarter over quarter in Q1, with Bedrock processing more tokens in Q1 than all prior years combined.
- Bedrock revenue had grown more than three times year-over-year as reported on AWS’s Q4 2025 earnings call, with Anthropic’s Claude family driving a disproportionate share of consumption.
- AWS AI revenue run rate is over $15 billion in the first three years of this AI wave, nearly 260 times larger than AWS’s early performance.
- Microsoft’s $37 billion AI run rate sits more than twice AWS’s reported $15 billion AI services run rate.
| Provider | AI Revenue Run Rate (Q1 2026) | Year-Over-Year Growth |
| Microsoft (AI business) | $37 billion+ | 123% |
| AWS (AI services) | $15 billion+ | n/d (Bedrock 3x YoY in Q4 2025) |
| Google Cloud (Vertex AI gen-AI) | Not separately disclosed; gen-AI products growing rapidly | n/d |
Source: Andy Jassy shareholder letter, CNBC reporting on Amazon Bedrock.
Our AI benchmark coverage documents a consistent pattern: capability rankings shift every six months, but enterprise procurement decisions lag by 12-18 months. The current AI run rate gap between Microsoft and AWS reflects Microsoft’s earlier OpenAI distribution advantage, though OpenAI’s recent move to AWS Bedrock starts to compress that gap, alongside OpenAI’s headcount growth and the broader market opening.
AWS vs Azure vs Google Cloud Region and Availability Zone Statistics
- The AWS Cloud spans 123 Availability Zones within 39 Geographic Regions, with announced plans for 2 additional regions in Saudi Arabia and Chile.
- Azure provides more than 70 regions globally across 33 countries, per Microsoft’s documentation.
- Google Cloud operates 43 regions and 130 zones across 6 continents, serving more than 200 countries and territories.
- Google Cloud’s network includes more than 200 network edge locations and 10 million kilometers of terrestrial and subsea fiber.
- AWS North America has 9 regions with 31 availability zones, plus 31 Edge Network Locations and 3 Edge Cache Locations.
- Google Cloud’s autonomous agentic AI management reduces outage durations by up to 93%, shortening mitigation from hours to minutes.
| Provider | Regions | Availability Zones | Network Edge Locations |
| AWS | 39 | 123 | 31+ in North America (global figure not disclosed) |
| Microsoft Azure | 70+ (across 33 countries) | Per-region | n/d (Azure CDN POPs) |
| Google Cloud | 43 | 130 | 200+ |
Source: AWS global infrastructure page, Microsoft’s documentation, Google Cloud’s locations page.
The footprint comparison is harder than it looks. Azure counts every announced or live region (including dedicated cloud regions for government and sovereign-cloud customers), while AWS counts only its commercial AWS Cloud regions. Most enterprise architects compare availability zones and zone-paired regions per geography rather than headline region counts.
AWS vs Azure vs Google Cloud Customer and Enterprise Adoption Statistics
- Microsoft’s commercial remaining performance obligation increased 99% to $627 billion at the close of Q3 FY2026, indicating a deep pipeline of multi-year enterprise commitments.
- AWS Q1 2026 growth was driven by significant AI infrastructure demand and investments from major customers like OpenAI.
- Google Cloud’s backlog nearly doubled quarter-over-quarter in Q1 2026, passing $460 billion.
- Anthropic signed a new agreement with Amazon to secure up to 5 gigawatts of capacity for training and deploying Claude.
- AWS customers can experiment with OpenAI’s models as well as its Codex agent for writing code, all through Amazon Bedrock.
- Two single AWS contracts. Anthropic’s more than $100 billion ten-year commitment and OpenAI’s more than $100 billion eight-year commitment, together, represent a combined cloud-revenue commitment in excess of either company’s full prior fiscal-year disclosures.
| Customer Signal | Provider | Disclosure |
| Backlog (RPO equivalent) | Google Cloud | $460+ billion |
| Commercial RPO | Microsoft | $627 billion |
| Anthropic 10-year commitment | AWS | $100 billion+ |
| OpenAI 8-year cloud deal | AWS | $100 billion+ |
Sources: Microsoft press release, Alphabet earnings release, Anthropic-Amazon expanded collaboration release, CNBC reporting on Amazon-OpenAI.
AWS vs Azure vs Google Cloud Pricing Statistics
- A 4-vCPU, 16GB RAM instance is priced at approximately $0.19per hour across all three platforms in US regions.
- AWS Savings Plans commit to a dollar-per-hour spend with up to 72% savings.
- Azure Reservations commit to specific VM sizes with up to 72% savings.
- Google Cloud CUDs commit to vCPU and memory quantities with up to 70% savings, plus automatic sustained use discounts of up to 30%.
- AWS Spot Instances can offer discounts of up to 90% compared to standard on-demand pricing.
- Azure’s Low-Priority VMs offer up to 80% savings compared to regular on-demand VMs.
| Pricing Lever | AWS | Microsoft Azure | Google Cloud |
| 4 vCPU / 16 GB on-demand (US, hourly) | ~$0.19 | ~$0.19 | ~$0.19 |
| Committed-use discount ceiling | up to 72% (Savings Plans) | up to 72% (Reservations) | up to 70% (CUDs) + up to 30% sustained-use |
| Spot / preemptible discount ceiling | up to 90% (Spot Instances) | up to 80% (Low-Priority VMs) | n/d |
Source: Sedai cloud compute comparison.
Worth noting: On-demand list prices for general-purpose virtual machines sit within roughly $0.19 per hour of one another across the three providers, per Sedai’s cloud compute comparison; real-world cost differences emerge from committed-use mechanics, spot pricing (up to 90% AWS, up to 80% Azure), sustained-use auto-discounts (Google Cloud’s default), and pricing of higher-tier services like managed AI inference, with no provider universally cheapest.
AWS vs Azure vs Google Cloud AI Partnership and Foundation Model Statistics
- Anthropic and Amazon expanded their strategic collaboration to secure up to 5 gigawatts of AWS capacity for training and deploying Claude.
- Amazon is investing $5 billion in Anthropic, with up to an additional $20 billion in the future, alongside Anthropic’s more than $100 billion ten-year AWS commitment.
- Amazon and OpenAI in February struck a $50 billion investment and a cloud deal worth more than $100 billion over eight years.
- Bedrock processed more tokens in Q1 than all prior years combined.
- Google Cloud’s Q1 2026 backlog reached over $460 billion as cloud demand from generative AI products accelerated, per Alphabet’s earnings release.
| Foundation-Model Distribution Footprint | AWS Bedrock | Microsoft Azure AI | Google Vertex AI |
| Anthropic Claude (commitment) | $100 billion+ over 10 years; 5 GW capacity | Available via partner | Available |
| OpenAI models | Available; $100 billion+ deal | First-party (multi-year) | n/d |
| Native foundation models | Amazon Nova, Titan | Phi family | Gemini family |
| Q1 2026 momentum signal | Bedrock client spend up 170% QoQ | AI run rate $37 billion (up 123% YoY) | Cloud backlog $460 billion |
Sources: Anthropic-Amazon expanded collaboration release, CNBC reporting on Amazon-OpenAI, Microsoft press release, Alphabet earnings release.
AWS vs Azure vs Google Cloud Gartner Magic Quadrant Statistics
- AWS is recognized as a Leader in the 2025 Gartner Magic Quadrant for Strategic Cloud Platform Services for the fifteenth consecutive year, with Gartner placing AWS highest on the Ability to Execute axis.
- Oracle was named a Leader in the 2025 Gartner Magic Quadrant for Strategic Cloud Platform Services for the third consecutive year.
- Microsoft was named a Leader in the 2025 Gartner Magic Quadrant for Cloud-Native Application Platforms for a second year in a row.
- The 2025 Gartner Magic Quadrant for Strategic Cloud Platform Services evaluation covered the major hyperscale providers, including AWS, Microsoft, Google, and Oracle.
| Provider | 2025 Strategic Cloud Platform Services MQ | Notable Placement |
| AWS | Leader (15th consecutive year) | Highest on Ability to Execute |
| Microsoft | Leader | Furthest right on Completeness of Vision (Cloud-Native MQ) |
| Google Cloud | Leader | Recognized on Completeness of Vision and Ability to Execute |
| Oracle | Leader (3rd consecutive year) | n/d |
Source: AWS 2025 Gartner Magic Quadrant blog post.
AWS vs Azure vs Google Cloud Workforce and Headcount Statistics
- Total Amazon revenue was $181.5 billion in Q1 2026, up 17% year-on-year, against AWS’s $37.6 billion segment revenue, which grew 28% year over year.
- Microsoft revenue was $82.9 billion in Q3 FY2026, up 18% year over year, with operating income of $38.4 billion and Intelligent Cloud at $34.7 billion.
- Alphabet revenues increased 22% to $109.9 billion in Q1 2026, with Google Cloud topping $20 billion.
- AWS at $37.6 billion (up 28% year over year), plus Microsoft’s Intelligent Cloud at $34.7 billion, plus Google Cloud at $20 billion, sum to a Q1 2026 cloud-segment revenue total, equivalent to about a quarter of the three companies’ combined parent-level quarterly revenues at $181.5 billion, $82.9 billion, and $109.9 billion, respectively.
The same capex-to-revenue tension shows up in AI agent adoption data, where enterprise demand consistently outpaces measured deployment across the three providers.
Frequently Asked Questions (FAQs)
AWS held the largest worldwide cloud infrastructure market share in Q1 2026 at 28%, growing 28% year over year, with Azure at 21% and Google Cloud at 14%, per industry analysts. The Big Three combined held 63% of the worldwide cloud market in Q1 2026, while five neoclouds collectively represented 5%, per industry analysts.
Google Cloud grew 63% year over year in Q1 2026, exceeding $20 billion for the first time, per Alphabet’s earnings release. AWS grew 28%, and Microsoft’s Azure and other cloud services grew 40% year over year in the same quarter, per Amazon’s and Microsoft’s earnings releases. Google Cloud’s smaller revenue base leaves more headroom for percentage growth alongside strong Vertex AI demand and multi-year AI compute commitments.
Amazon plans $200 billion in 2026 capital expenditures, most directed at AWS data centers, per an industry data tracker. Microsoft expects about $190.0 billion of capital expenditures through the end of calendar year 2026, per Microsoft’s press release. Alphabet raised its 2026 capex guidance range to $180 billion to $190 billion, up from its previous estimate of $175 billion to $185 billion.
Azure reports more than 70 regions globally across 33 countries, per Microsoft’s documentation. Google Cloud operates 43 regions and 130 zones across 6 continents. AWS spans 123 Availability Zones within 39 Geographic Regions. Region counts differ in scope: Azure includes sovereign and dedicated regions while AWS counts only its commercial AWS Cloud regions, so most enterprise architects compare on availability zones rather than headline region counts.
On-demand pricing for comparable virtual machines sits within roughly $0.19 per hour across the three providers, per Sedai’s cloud compute comparison. Real cost differences come from committed-use discounts of up to 72% on AWS Savings Plans and Azure Reservations, up to 70% on Google Cloud CUDs plus automatic sustained-use discounts of up to 30%, and spot pricing of up to 90% on AWS Spot Instances and up to 80% on Azure’s Low-Priority VMs.
AWS Bedrock is Amazon’s foundation-model service, with OpenAI’s models added to AWS Bedrock following the end of Azure exclusivity. Azure AI features deep OpenAI integration as a multi-year first-party partner, with Microsoft’s AI business reaching a $37 billion annual run rate, up 123% year over year. Bedrock processed more tokens in Q1 than all prior years combined.
Conclusion
The Big Three cloud providers controlled 63% of worldwide infrastructure spend in the first quarter, with AWS holding 28% (up 28% year over year), Azure 21%, and Google Cloud 14% of a $129 billion quarterly market. Google Cloud grew 63% year over year, while Microsoft’s Azure and other cloud services grew 40% year over year, both running ahead of AWS’s 28% year-over-year pace among the three providers.
Combined cloud revenue across the three vendors covered AWS at $37.6 billion (up 28% year over year), Microsoft’s Intelligent Cloud at $34.7 billion, and Google Cloud at $20 billion in the quarter.
Capex tells the forward-looking story: Amazon at $200 billion, Microsoft at about $190.0 billion, and Alphabet at $180 billion to $190 billion in 2026 capital expenditure commitments, with Meta adding $125-145 billion for a four-hyperscalers total of $725 billion.
Each vendor is making a different bet: AWS is leveraging Bedrock breadth (Anthropic, OpenAI, Amazon Nova) to defend share; Microsoft is monetizing its OpenAI distribution lead at scale; and Google Cloud is converting AI demand into the highest growth rate among the three at the steepest capex-to-revenue ratio. For enterprises picking a cloud, the data favors a multi-cloud baseline, region footprint, foundation-model availability, committed-use mechanics, and AI run-rate trajectories now diverge enough that single-vendor lock-in carries a measurable cost.
