Amazon Plans Over $200B 2026 Capex as X-Energy IPO Boosts Stake Value
Amazon intends to deploy over $200 billion in capital expenditures during 2026, primarily into cloud infrastructure and AI data centers. Its 29% stake in nuclear developer X-Energy, which raised $1.02 billion at a $12 billion valuation and saw shares surge 27% on debut, bolsters its balance sheet.
1. 2026 Capital Expenditure Outline
Amazon has indicated capital spending will exceed $200 billion in 2026, funding expansion of AWS data centers, AI infrastructure and fulfillment network upgrades. This aggressive investment underscores the company’s growth priorities but may pressure near-term free cash flow and margin profiles.
2. X-Energy IPO and Amazon’s Stake
Nuclear developer X-Energy closed its Nasdaq debut at $29.20, 27% above its $23 IPO price, raising $1.02 billion at a fully diluted $12 billion valuation. Amazon held 65.8 million shares, representing 29% of the company pre-IPO, with an order book covering over 11 gigawatts of reactor technology deployments expected in the early 2030s.