Key Points
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Amazon has secured a $138 billion multiyear contract with OpenAI to provide cloud capacity, which is a small fraction of its overall business.
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CoreWeave’s backlog consists of over $66.8 billion, with $22.4 billion directly tied to OpenAI, demonstrating rapid growth but significant debt.
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Oracle’s massive $300 billion deal with OpenAI raises concerns amid doubts about the latter’s financial performance, despite Oracle having a $553 billion backlog.
Amazon’s cloud division, AWS, has committed $50 billion to OpenAI, allowing it access to key AI models, while CoreWeave has quickly become a key player in cloud computing with rapid revenue increase and substantial agreements with AI firms. As of the end of 2025, CoreWeave reported $5.1 billion in revenue, marking a 168% rise, yet faces challenges meeting existing demand.
Oracle is deeply tied to OpenAI with its recent $300 billion contract to support Project Stargate, amidst a $553 billion backlog in business. Despite challenges surrounding OpenAI’s performance, Oracle’s cloud revenue grew 30% over the past year, bolstered by multiple agreements with other tech giants.
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