Jassy: AWS will be a $1T business, but first comes massive capex

Amazon CEO Andy Jassy said on the quarterly earnings call that AWS can reach $1 trillion in annual revenue within five to 10 years. Amazon expects about $220 billion in cash capex for 2026, mostly for AWS, and meaningfully more in 2027. AWS revenue grew 39% year over year, with guidance of over 40% growth in both 2027 and 2028.

• AWS run-rate is $184B with 39% year-over-year growth
• Amazon expects roughly $220B in 2026 cash capex
• AWS forecast to grow above 40% in 2027 and 2028
• Amazon shares fell about 6% in after-hours trading