Amazon spent $43.2 billion on capital expenditures in Q1 2026, with the overwhelming majority tied to AWS and its AI infrastructure.
The company’s spending spree doesn’t have an immediate end in sight, and it is targeting about $200 billion in capex in 2026, largely for AI infrastructure. In its Wednesday, April 29 earnings call, executives made clear that its aggressive investment is meant to fund a multi-year AI buildout intended for data centers with 30+ year lifespans.
Management didn’t break out the energy expenditures during the call, but utility filings show that electricity is one of the largest operating expenses for hyperscale facilities, often rivaling staffing costs.
We have discussed Amazon’s $15 billion commitment to bring 2.4 GW of compute capacity to northern Indiana, building off a separate $11 billion commitment the company announced in 2024 for a data center in St. Joseph County (home to South Bend and the University of Notre Dame). See Win, Lose or Draw.
AI and data centers have become major topics in the RBN blogosphere, largely due to their massive electricity consumption. Whether that power is sourced from natural gas or alternative energy remains a key question shaping the broader discussion. Check out our newest Drill Down Report: Go Speed Racer Go on the data center build‑out.
