Amazon's GB300 deliveries hit $5B in August as free cash flow turns negative

Amazon is buying Nvidia GB300 racks faster than it can power them: $5 billion in deliveries arrived in August, followed by about $3 billion a month. Free cash flow fell from roughly $50 billion in Q1 2024 to negative $7.6 billion in Q2 2026, with 2026 capex targeted at $200 billion or more.

• Amazon received $5B of GB300 racks in August, then about $3B monthly
• Free cash flow: -$7.6B in Q2 2026 versus ~$50B in Q1 2024
• Amazon's 2026 capex is estimated at $200B or more
• AWS revenue grew 37% in Q2, with a $496B contract backlog