By Kenrick Cai

SAN FRANCISCO (Reuters) -Alphabet’s Google Cloud revealed Tuesday it has lined up about $58 billion in new revenue over the next two years as it vies to become a more central component of the tech giant’s future.

The company said during its July earnings that the cloud division had surpassed a $50 billion annual revenue run rate. Google Cloud’s backlog of non-recognized sales contracts is growing even faster than its revenue, unit chief Thomas Kurian told investors at the Goldman Sachs Communacopia + Technology conference.

About 55% of the $106 billion backlog should convert into revenue within two years, he said. This number accounts only for existing commitments, not new contracts or customers that it expects to land. The unit saw a 28% increase in new customers quarter

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