Microsoft, Alphabet, and Amazon closed the June 30 quarter with combined contractual obligations of $1.69 trillion. A year earlier, the figure stood at around $670 billion.
Microsoft's commercial backlog reached $678 billion, up 84% year-on-year. Google Cloud reported $514 billion, up from $106 billion a year earlier. AWS reported $496 billion, $132 billion of which came in just one quarter.
The main obstacle to the AI-cycle so far has been the gap between construction and confirmed demand—capital expenditures grew faster than revenue, and the buyer of capacity was poorly visible.
Budgets, however, are not shrinking. Amazon is targeting $220 billion in capital expenditures for 2026, Alphabet raised its forecast to $195–205 billion, and Microsoft invested $35.8 billion in the quarter. This money flows down the stack to data center operators, inference chip developers, and energy suppliers.
Crusoe holds 4.9 GW of contracted capacity, including campuses for Oracle and Microsoft. All this demonstrates the relevance of computing power in the current market position.