Just 3 of Nvidia's customers made up more than 30% of its revenue last year

Nvidia (NVDA) finished the fiscal year by delivering record revenue and outlook above expectations for the fourth quarter — and more than doubling its full-year revenue from the previous year.

The chipmaker reported revenue of $39.3 billion for the fourth quarter of fiscal year 2025 — a 78% increase from the previous year, and above the consensus of $38.1 billion. Meanwhile, Nvidia’s full-year revenue grew 114% year over year to a record $130.5 billion.

“We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter,” Nvidia CEO Jensen Huang said in a statement, adding that demand for the new chips is “amazing” as companies roll out reasoning AI models.

According to Nvidia’s 10-K filing, just three anonymous customers made up more than 30% of total revenue for the fiscal year ended in January.

“Direct Customer A” accounted for 12% of total revenue, while Direct Customers B and C each represented 11%, according to the Securities and Exchange Commission filing. Direct Customer B made up 13% of total revenue for fiscal year 2024, the filing said.

All of the sales “were primarily attributable to the Compute & Networking segment,” according to the filing.

For the fiscal third quarter, Nvidia had reported revenue of $35.1 billion — 36% of which came from three unnamed customers. For the three months ended in October, Customers A, B, and C each accounted for 12% of Nvidia’s quarterly revenue, according to the company’s Form 10-Q.

The filing also showed 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.

Although the chipmaker will not disclose the companies, its top customers could likely include Alphabet (GOOGL), Amazon (AMZN), Meta (META), Microsoft (MSFT), and Tesla (TSLA).