“We spent $26.3 billion in capex in Q4, and I think that is reasonably representative of what you expect an annualized capex rate in 2025 [i.e. roughly $100 billion]. The vast majority of that capex spend is on AI for AWS.”

Andy JassyCEO

CEO, Amazon

Amazon did blow past $100 billion, but the run-rate forecast badly understated the ramp: guidance was lifted to ~$125 billion in October 2025 and full-year 2025 capex finished at about $131.8 billion, roughly a third above the February figure.