Amazon Capex to Hit $200bn in 2026

Amazon plans to double its capex spend in 2026, investing $200 billion, most of which will be funnelled into data centers for its AWS cloud division.

The firm revealed the news as it reported its financial results for Q4 2025, which saw operating income across Amazon grow to $25 billion, up from $21 billion a year ago. Though the capex figure covers all Amazon activities, including ecommerce and related fulfillment services, Amazon CEO Andy Jassy told investors on the company’s earnings call that AWS investments were the main focus.

“If you look at the capital we’re spending and intend to spend this year, it’s predominantly in AWS,” Jassy said. “Some of it is for our core workloads, which are non-AI workloads, because they’re growing at a faster rate than we anticipated. But most of it is in AI, and we just have a lot of growth and a lot of demand.”