Research Study

Cloud Infrastructure Initiation 2026

CoreValue Research Team
August 19, 2026
Industry Analysis

The three global hyperscalers took $293.7 billion of cloud revenue in FY2025 and earned $104 billion of segment operating income on it. Very few businesses that large earn those margins – and almost none are simultaneously consuming capital at the rate this one now is. This is a full sector initiation on cloud infrastructure, built entirely from reported segment disclosures in the companies’ own filings rather than third-party market-share surveys.

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Research Study

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Inside the report

A few of the charts inside the full interactive report.

Chapter 1 · From $49 billion to $294 billion Hyperscaler Cloud Revenue and Growth (FY2017–FY2025)
Chapter 1 · From $49 billion to $294 billion Cloud Segment Revenue by Provider (FY2017–FY2025)
Chapter 2 · Share drifts; nobody is displaced Share of Hyperscaler Cloud Revenue (FY2017–FY2025)
Chapter 2 · Share drifts; nobody is displaced Annual Revenue Added, by Provider (FY2018–FY2025)
Chapter 3 · A hundred billion dollars of operating income Cloud Segment Operating Income (FY2018–FY2025)
Chapter 3 · A hundred billion dollars of operating income Cloud Segment Operating Margin (FY2018–FY2025)
Chapter 6 · Why the clouds design their own chips Cloud Accelerator Instance Pricing

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