Hyperscalers Accumulate $11 Trillion Cloud Backlog

Major cloud providers collectively hold about $11 trillion in contracted but undelivered cloud services, according to an analysis of recent earnings disclosures reported by Slashdot. The backlog, driven by multi-year enterprise AI and GPU capacity deals, coincides with over $200 billion in combined capital expenditures in 2024 and planned infrastructure spending into 2025. Firms face execution risks from power, semiconductor, and labor constraints that could affect revenue recognition and delivery.