AWS could become trillion-dollar revenue business with $220 billion 2026 capex
Andy Jassy told investors on Amazon’s earnings call that AWS aims to become a trillion‑dollar revenue business, but first the cloud unit will spend roughly $220 billion in cash capex in 2026, most of it on infrastructure. He said the company expects to spend even more in 2027 and sees a clear path to financial returns.
Key points
- AWS plans roughly $220 billion cash capex in 2026, mainly for its cloud infrastructure.
- AWS revenue is $184 billion annualized, up 39% YoY, while shares fell about 6% after the earnings call.
AWS now runs at a $184 billion annualized revenue run‑rate after a 39% year‑over‑year increase for the sixth straight quarter. He described the AI boom as a once‑in‑a‑lifetime opportunity that justifies the large investment. Despite the optimism, shares fell about 6% in after‑market trading as analysts probed margins and the scale of spending.
The plan puts AWS in direct competition with other cloud providers, such as Microsoft, which are also reporting record cloud revenue and heavy AI‑related spending.
The story so far
6 episodes →- AWS could become trillion-dollar revenue business with $220 billion 2026 capexthis story
AWS will be a $1T business, Jassy says. But first, it will spend big.
TechCrunch AI · 29 October 2026
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