The biggest hyperscalers and frontier labs added $300B in revenue in just 12 mon
By Kloeckner · October 31, 2026 · Curated by George's Blog
The biggest hyperscalers and frontier labs added $300B in revenue in just 12 months. Yet stocks get beaten down due to continued investment in AI infrastructure.
The most impressive fact for me, however, is that Anthropic, a 5-year-old venture built by OpenAI refugees, added more annualised revenue in the last 12 months than most mature, yet fast-growing, hyperscalers.
AWS is a 20-year-old business on a $200B run rate next quarter. Yet frontier lab champion Anthropic added more revenue in the last 12 months than the cloud giant.
Creating this revenue stream had cost Anthropic only $10B in investments, as $132B of its money raised still lingers in its war chest.
Only Google's cloud segment, which is doubling its revenue and approaching the big two, Azure and AWS, added more revenue.