The SPEC Cloud Committee is currently developing a novel system-level benchmark for datacenters that mimics emerging cloud use-cases and exercises all the relevant components of the modern infrastructure. The primary objective of the benchmark is to establish a comprehensive suite of real-world, cloud-enabled workloads and key performance indicators that adequately capture the performance of modern datacenter systems at scale. The benchmark will also provide valuable insights that will help in the design of future generations of computing platforms. Beyond performance characterization, the benchmark is expected to model portability, reproducibility, transparency and observability, with the help of integrated telemetry and detailed reporting, thereby fostering broad industry-wide adoption.