What is the current run rate of the company's 5G business 
on. I think that's really where we'll be a bigger impact than a particular geography ramping up in a given quarter.
But Jean, any thoughts on that to add?
Jean Hu -- Chief Financial Officer
Yeah. Matt, to just add to what you just said is this year, we have seen significant growth, and the run rate is already over $600 million now. And that's actually largely benefited by North America, right? And the North American adoption of 5G has been really strong this year. Going forward, India definitely maybe next year or beyond.
But Matt is right, is our 5G business will continue to be a very significant growth driver next year for us. It has a really long product cycle and the visibility actually is pretty good in this market.
Srini Pajjuri -- SMBC Nikko Securities -- Analyst
Got it. Thanks, Jean. Thanks, Matt.
Operator
The next question comes from Harsh Kumar with Piper Sandler. Please go ahead.
Harsh Kumar -- Piper Sandler -- Analyst
Yeah. Hey, Matt, I had a question for you. So if I layer in your thoughts on the $400 million odd of custom cloud silicon, that's about 15% growth by itself to your cloud business. And then I assume your business will grow at least that much, if not more, organically.
So is it fair for us to think for January 2024 for that data center business to be somewhere in the 30-something odd percent range or even better than that? Yeah.
Matt Murphy -- President and Chief Executive Officer
Yeah, I think I'd have to probably get out a spreadsheet to go figure that one out, Harsh. But I think directionally, I think you're right in that. You have an estimate of what our cloud revenues are and certainly layering in the $400 million would get you to a certain number. And then you're absolutely right, what I didn't bring up is that the base business, right, which doesn't include the new wins is also ramping up.
So we haven't sized that piece of it exactly, but clearly, that's going to grow as well next year, the kind of existing run rate portfolio because some of those programs whether it's in cloud switching, whether it's in electro-optics, some of the things we've already talked about today that are already in the run rate are certainly going to grow. So yeah, I think that's -- I think from there, you'll have to kind of -- I think when you say 2024, I got a -- I don't know that exact number off the top of my head, so.
Harsh Kumar -- Piper Sandler -- Analyst
No, very helpful. Thank you, Matt. Appreciate it.
Matt Murphy -- President and Chief Executive Officer
Yeah.
Operator
The next question comes from Quinn Bolton with Needham. Please go ahead.
Quinn Bolton -- Needham and Company -- Analyst
Hey, Matt. I wanted to follow up on Matt Ramsay's question on enterprise networking. If I look at the business in the October quarter, it looks like you'll be over $400 million, and that's up probably two and a half times over two years. So phenomenal growth, but clearly well ahead of the market.
I know some of that is content gains, some of its market share. But if you look at inventory in the networking space, OEM inventory levels are probably up 2x over that two-year period. And so, do you guys have any way of knowing whether there's any inventory that's accumulated in that channel? Do you think you can sort of sustain this $400 million quarterly run rate into next year? Or do you think you may see some ebb and flows especially after a very strong October levels looking beyond October?
Matt Murphy -- President and Chief Executive Officer
Yeah. OK, Quinn, it's a great question. And certainly, we're very aware of kind of the broader inventory growth that's gone on in a number of the end markets that we serve. And this one, in particular, I think a couple of things give us a lot of comfort.
The first is we've still been ramping into some of these new designs. So they're not -- it's not business we had two years ago and it was at x run rate, and now it's at x times two run rate. I mean almost all of this is effectively new programs that have ramped up. I guess the silver lining is on the supply constraint so far is that we 
on. I think that's really where we'll be a bigger impact than a particular geography ramping up in a given quarter.
But Jean, any thoughts on that to add?
Jean Hu -- Chief Financial Officer
Yeah. Matt, to just add to what you just said is this year, we have seen significant growth, and the run rate is already over $600 million now. And that's actually largely benefited by North America, right? And the North American adoption of 5G has been really strong this year. Going forward, India definitely maybe next year or beyond.
But Matt is right, is our 5G business will continue to be a very significant growth driver next year for us. It has a really long product cycle and the visibility actually is pretty good in this market.
Srini Pajjuri -- SMBC Nikko Securities -- Analyst
Got it. Thanks, Jean. Thanks, Matt.
Operator
The next question comes from Harsh Kumar with Piper Sandler. Please go ahead.
Harsh Kumar -- Piper Sandler -- Analyst
Yeah. Hey, Matt, I had a question for you. So if I layer in your thoughts on the $400 million odd of custom cloud silicon, that's about 15% growth by itself to your cloud business. And then I assume your business will grow at least that much, if not more, organically.
So is it fair for us to think for January 2024 for that data center business to be somewhere in the 30-something odd percent range or even better than that? Yeah.
Matt Murphy -- President and Chief Executive Officer
Yeah, I think I'd have to probably get out a spreadsheet to go figure that one out, Harsh. But I think directionally, I think you're right in that. You have an estimate of what our cloud revenues are and certainly layering in the $400 million would get you to a certain number. And then you're absolutely right, what I didn't bring up is that the base business, right, which doesn't include the new wins is also ramping up.
 So we haven't sized that piece of it exactly, but clearly, that's going to grow as well next year, the kind of existing run rate portfolio because some of those programs whether it's in cloud switching, whether it's in electro-optics, some of the things we've already talked about today that are already in the run rate are certainly going to grow. So yeah, I think that's -- I think from there, you'll have to kind of -- I think when you say 2024, I got a -- I don't know that exact number off the top of my head, so.
Harsh Kumar -- Piper Sandler -- Analyst
No, very helpful. Thank you, Matt. Appreciate it.
Matt Murphy -- President and Chief Executive Officer
Yeah.
Operator
The next question comes from Quinn Bolton with Needham. Please go ahead.
Quinn Bolton -- Needham and Company -- Analyst
Hey, Matt. I wanted to follow up on Matt Ramsay's question on enterprise networking. If I look at the business in the October quarter, it looks like you'll be over $400 million, and that's up probably two and a half times over two years. So phenomenal growth, but clearly well ahead of the market.
I know some of that is content gains, some of its market share. But if you look at inventory in the networking space, OEM inventory levels are probably up 2x over that two-year period. And so, do you guys have any way of knowing whether there's any inventory that's accumulated in that channel? Do you think you can sort of sustain this $400 million quarterly run rate into next year? Or do you think you may see some ebb and flows especially after a very strong October levels looking beyond October?
Matt Murphy -- President and Chief Executive Officer
Yeah. OK, Quinn, it's a great question. And certainly, we're very aware of kind of the broader inventory growth that's gone on in a number of the end markets that we serve. And this one, in particular, I think a couple of things give us a lot of comfort.
The first is we've still been ramping into some of these new designs. So they're not -- it's not business we had two years ago and it was at x run rate, and now it's at x times two run rate. I mean almost all of this is effectively new programs that have ramped up. I guess the silver lining is on the supply constraint so far is that we 