Amazon plans to spend $220 billion in capital expenditure in 2026, with the vast majority directed toward AI infrastructure for its AWS cloud division. The budget was revised up from an initial $200 billion due to rising memory chip costs. AWS revenue grew 37% year-over-year in Q2 2026, the fastest growth in 18 quarters, with customer commitments extending into 2028. Amazon has signed partnership deals totaling $75 billion with Anthropic and OpenAI, including a reportedly $100 billion-plus agreement with OpenAI. At $220 billion, Amazon’s 2026 capex exceeds Alphabet’s projected $175 to $205 billion and Meta’s $115 to $145 billion.
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