Amazon CEO Jassy Says AWS Can Reach $1 Trillion, Plans $220 Billion 2026 Capex

Amazon CEO Andy Jassy reiterated Thursday that AWS can become a trillion-dollar revenue business within five to 10 years, but said the company will spend heavily to build the infrastructure to support it. Amazon expects 2026 cash capital expenditures of approximately $220 billion, mostly for AWS, and "meaningfully more" in 2027, Jassy said on the quarterly earnings call. AWS revenue rose 39% from the year-ago quarter, its sixth straight quarter of steady growth, and now runs at a $184 billion annualized revenue run-rate. Jassy forecast growth north of 40% in both 2027 and 2028. Investors remained wary of the AI infrastructure spending, and shares fell about 6% in after-market trading Thursday. Analysts pressed Jassy on spending signals, growth visibility and margins; he called the AI boom a "once in a lifetime opportunity" and said, "We can fund this plan."