Aug. 25 at 9:34 PM
This might be one of the craziest
$AMZN charts right now.
Amazon’s remaining performance obligations, primarily related to AWS:
Q2 2025:
$195B
Q4 2025:
$244B
Q1 2026:
$364B
Q2 2026:
$496B
That’s up 154% YoY.
And another 36% just since Q1.
Amazon added roughly
$132 BILLION of future contracted commitments in a single quarter.
A huge part of the recent acceleration is AI.
In Q1, AWS expanded its OpenAI agreement by another
$100B over 8 years.
Then in Q2, AWS expanded its Anthropic commitment by MORE than
$100B over 10 years.
Meanwhile, AWS revenue itself just grew 37% YoY to
$42.2B, its fastest growth in 18 quarters.
The
$496B won’t turn into revenue overnight. These long-term contracts now have a weighted-average remaining life of 6.4 years.
But that’s exactly the point.
Amazon is sitting on an enormous amount of contracted future demand while AWS growth is already accelerating today.
The amount of future business being locked into AWS right now is insane.
