AWS growth accelerates to 28% on a $150 billion annualized run rate, with $364 billion in backlog and $225 billion in chip commitments.
Amazon plans $128 billion in capital expenditures for 2026, surpassing Microsoft’s $96 billion and Alphabet’s $93 billion. The spending fuels AWS, which grew 28% year over year to $37.6 billion in Q1 2026, its fastest pace in 15 quarters, on a $150 billion annualized run rate.
AWS backlog reached $364 billion, excluding a $100+ billion Anthropic deal. Trainium chip commitments alone exceed $225 billion, with OpenAI and Anthropic securing capacity. Amazon’s chips business crossed a $20 billion annual revenue run rate, growing triple digits in Q1 2026.
The company’s retail and logistics cash flow funds cloud infrastructure, with enterprise AI commitments adding pre-paid revenue. CEO Andy Jassy called the chips unit one of the top three data center chip businesses globally.