3 Nvidia customers have each spent $10 billion on chips this year

Nvidia’s (NVDA) path to becoming the most valuable public company in the world this year has been laid by its artificial intelligence chips and a handful of anonymous customers.

Earlier this week, the chipmaker reported $35.1 billion in revenues for its fiscal third quarter, surpassing Wall Street’s expectations. According to the company’s Form 10-Q, 36% of that revenue — or $12.6 billion — came from only three unnamed customers. For the three months ended in October, Customers A, B, and C each accounted for 12% of Nvidia’s quarterly revenue, the filing said.

The filing also shows that, in the first nine months of fiscal year 2025, sales to Customers B and C each made up 11% of revenue, while a Customer D accounted for 12% of revenue. That means Customers B and C have each spent around $10 billion on Nvidia’s tech so far this year, while Customer D has spent almost $11 billion. Nvidia reported revenues of $26 billion for the fiscal first quarter, and $30 billion for the fiscal second quarter.

The sales are primarily attributable to Nvidia’s Compute & Networking segment, according to the filing.

In September, Nvidia’s 10-Q regulatory filing showed four anonymous customers made up nearly half of its $30 billion revenues for the second fiscal quarter. Sales from the four customers represented about 46% of total quarterly revenue, or $13.8 billion.

“We have experienced periods where we receive a significant amount of our revenue from a limited number of customers, and this trend may continue,” Nvidia said in both 10-Q filings.

Although Nvidia will not disclose the customers, its top buyers are likely to include Google parent Alphabet (GOOGL), Meta (META), Microsoft (MSFT), and Tesla (TSLA) — all of whom are major players in the AI boom.

Nvidia’s record fiscal third-quarter revenue was up 94% from a year ago. The company set its fiscal fourth-quarter revenue guidance at $37.5 billion, plus or minus 2%, which was slightly above expectations.