Amazon (AMZN)
AWS. $100B+ committed via Generative AI Innovation Center. Largest cloud provider.
- Ticker: AMZN
- Sector: hyperscaler (cloud)
Amazon (AMZN) is a tracked supply-chain name in the data-center buildout in the hyperscaler sector. Data Center Index tracks Amazon's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Amazon data center thesis
Amazon committed to roughly $200B in 2026 capex, up from $131.8B in 2025 and $83B in 2024, the largest single-company DC buildout in history. AWS underwrites it: 36 announced or operational sites totaling 22GW+ of capacity, anchored by the Anthropic-Amazon New Carlisle complex (1,229MW) and the 1.8GW nuclear-powered Pennsylvania campus. The thesis is whether $200B in 2026 actually generates the AWS revenue acceleration the multiple now requires.
Bull case
- Forward capex guide of ~$200B for 2026 is +52% versus 2025 actuals of $131.8B; if AWS growth re-accelerates above 20%, operating leverage on a $79.97B 2025 OI base is meaningful.
- AWS owns the supply-chain pull for everyone from Vertiv to Eaton to Constellation; every dollar of Amazon capex flows directly to picks-and-shovels names, and the Anthropic compute deal alone ties up $45.75B across three Anthropic-tenanted sites.
- Power has become the binding constraint on hyperscale growth, and AWS has more secured-power optionality than any peer: nuclear PPAs in PA and OH, on-site gas builds, plus the 960MW Berwick nuclear acquisition already operational.
Bear case
- Stock at $272.68 sits at 93% of its 52-week range with year-change of +41%; multiple already prices in successful $200B capex absorption, leaving little cushion if AWS growth disappoints in 1H26 prints.
- $200B annual capex against ~$80B in operating income forces the ROI math into a corner: depreciation ramp will hit margins in 2027-28 even if utilization is strong, and one weak guide could trigger a digestion narrative.
- Power constraints flagged in the catalyst watch could push project deliveries, particularly the 1.8GW PA and 1.3GW OH nuclear-anchored campuses, out by quarters, stranding capex and delaying the revenue conversion the bull case requires.
Amazon revenue and capex
In fiscal 2025, Amazon reported revenue of $716.9B, capital spending of $131.8B and operating income of $80.0B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $716.9B | $131.8B | $80.0B |
| 2024 | $638.0B | $83.0B | $68.6B |
| 2023 | $574.8B | $52.7B | $36.9B |
Tracked Amazon data center projects
- AWS Project Rainier (New Carlisle), 2.2 GW est., New Carlisle, IN · operational
- AWS North Carolina Campus, 1 GW est., Richmond County, NC · under construction
- AWS Boardman Exascale Campus (Threemile Canyon), 1 GW, Boardman, OR · announced
- SK Group–AWS Ulsan AI Data Center (South Korea), 1 GW, Ulsan, South Korea · under construction
- AWS Salem Township Innovation Campus (Susquehanna), 960 MW est., Salem Township, PA · under construction
- AWS Zaragoza La Cartuja Baja Data Center Campus, 850 MW est., Zaragoza, Spain · permitted
- Amazon Mattameade Tech Campus, 770 MW, Woodford, VA · permitted
- Amazon Web Services EU-CENTRAL-1 Frankfurt Region, 600 MW est., Frankfurt, Germany · operational
- Amazon Web Services AP-NORTHEAST-1 Tokyo Region, 500 MW est., Tokyo, Japan · operational
- Amazon Web Services EU-WEST-1 Dublin Region, 450 MW est., Dublin, Ireland · operational
Analysis mentioning Amazon
- Anthropic IPO Odds After a $16.8 Billion Quarter: November Holds, $2 Trillion Doesn't, 2026-10-15
- Space Data Centers: SpaceX vs Google Suncatcher vs Starcloud, and Why SpaceX's Plan Looks Strongest, 2026-10-02
- Why Data Centers Are So Big: A Gigawatt Campus Costs $38 Billion, and the Land Is Under 1% of It, 2026-09-17
- AI Slowdown Selloff: CoreWeave and Nebius Fell 9% the Morning Anthropic Was Reported Taking a Six-Year Lease, 2026-09-15
- Anthropic's $517 Billion in Compute Commitments: Amazon Books $100 Billion, and Google's Share Goes to Apollo, 2026-09-10
Recent Amazon news
- Amazon Ring exec heads to Blue Origin to lead TeraWave network, DCD, 2026-10-13
- Amazon secures Uzbekistan’s Uztelecom as partner for Amazon Leo satellite service, DCD, 2026-10-02
- Amazon signs PPA with Constellation for Maryland nuclear plant, DCD, 2026-10-01
- Synopsys and Amazon sign $1bn multi-year IP agreement for custom chip development, DCD, 2026-09-30
- Amazon signs PPA with Statkraft for windfarm in Shetland, Scotland, DCD, 2026-09-30