Google's latest earnings report shows that its inventory has blown up over the past 12 months, from $628 million at the end of June 2025 to $7.74 billion at the end of June 2026.
According to the company's 10Q filing, its inventory consists "primarily of hardware related to TPU systems for sale to enterprise customers and devices," including "raw material components purchased directly from our suppliers; work-in-process inventory undergoing conversion into finished products; and fully assembled finished goods. Inventories are stated at the lower of cost or net realizable value."
While it does not provide an exact idea of the number of custom AI chips in Google's stash, it does demonstrate the extent to which the company has been seeking to scale up as it moves to selling the TPUs directly to customers, rather than simply leasing access via Google Cloud.
Google revealed plans to sell its TPUs to a "select group of customers" back in April 2026, and the following month announced a joint venture with Blackstone to create a new platform using the silicon.
