Amazon CEO Andy Jassy used the company's quarterly earnings call on Thursday to repeat an ambition he has made clear before: AWS can become a trillion-dollar revenue business. "There has never been a business with a trillion dollars of annual revenue," he said, describing what Amazon is building as unlike anything seen before.
The claim came with a price tag attached. Jassy told analysts Amazon still expects roughly $220 billion in cash capital expenditure for 2026, the majority of it for AWS, and plans to spend meaningfully more in 2027. Investors reacted cautiously: shares fell about 6% in after-market trading, according to TechCrunch.
AWS growth and the $1 trillion target
Jassy said AWS is now a $184 billion annualized revenue run-rate business, with revenue up 39% from the year-ago quarter — the sixth straight quarter of steady growth. He forecast growth north of 40% in both 2027 and 2028, and said the trillion-dollar mark could arrive within five to ten years.
The CEO framed the spending as a response to a historic surge in cloud demand driven by AI. He said the company was in the "very early days" of enterprise AI adoption and that its strategy so far "is working."
Wall Street analysts pressed him repeatedly on the scale of the investment, asking what signals would confirm the growth and what profit margins to expect. Jassy called the AI boom a "once-in-a-lifetime opportunity" worth the commitment now.
- AWS annualized revenue run-rate: $184 billion
- AWS revenue growth: 39% year over year, a sixth straight quarter of steady growth
- 2026 cash capex: approximately $220 billion, majority for AWS
