NVIDIA disclosed on August 28, 2025, that two unnamed customers contributed 39% of its revenue in the July quarter, raising questions about the chipmaker’s dependence on a small group of clients.
The company posted record quarterly revenue of $46.7 billion, up 56% from a year ago, driven by insatiable demand for its data centre products.
In a filing with the U.S. Securities and Exchange Commission (SEC), NVIDIA said “Customer A” accounted for 23% of total revenue and “Customer B” for 16%. A year earlier, its top two customers made up 14% and 11% of revenue.
The concentration highlights the role of large buyers, many of whom are cloud service providers. “Large cloud service providers made up about 50% of the company’s data center revenue,” NVIDIA chief financial officer Colette Kress said on Wednesday. Data center sales represented 88% of NVIDIA’s overall revenue in the second quarter.
“We have experienced periods where we receive a significant amount of our revenue from a limited number of customers, and this trend may continue,” the company wrote in the filing.
One of the customers could possibly be Saudi Arabia’s AI firm Humain, which is building two data centers in Riyadh and Dammam, slated to open in early 2026. The company has secured approval to import 18,000 NVIDIA AI chips.
The second customer could be OpenAI or one of the major cloud providers — Microsoft, AWS, Google Cloud, or Oracle. Another possibility is xAI.
Previously, Elon Musk said xAI has 230,000 GPUs, including 30,000 GB200s, operational for training its Grok model in a supercluster called Colossus 1. Inference is handled by external cloud providers.
Musk added that Colossus 2, which will host an additional 550,000 GB200 and GB300 GPUs, will begin going online in the coming weeks. “As Jensen Huang has stated, xAI is unmatched in speed. It’s not even close,” Musk wrote in a post on X.Meanwhile, OpenAI is preparing for a major expansion. Chief Financial Officer Sarah Friar said the company plans to invest in trillion-dollar-scale data centers to meet surging demand for AI computation.
