Amazon Web Services is expected to take delivery of approximately $5 billion worth of Nvidia GB300 racks, according to internal AWS planning documents.
The same projections call for roughly $3 billion in monthly deliveries for the foreseeable future.
What Amazon is actually buying
The hardware is Nvidia’s GB300 NVL72 platform. Each rack packs 72 Blackwell Ultra GPUs into a single system.
AWS already offers this hardware to customers. GB300 NVL72 instances, sold as P6e-GB300 UltraServers, became generally available on AWS as of December 2025.
The planning documents point to the August 2026 timeframe for the approximately $5 billion delivery, followed by the recurring monthly flow of about $3 billion.
Plenty of room, not enough power
Some AWS data centers have enough physical space for the new racks but lack adequate power to run them.
Amazon’s workaround has been storage. The company has kept some of the equipment in warehouses until its sites are fully ready to bring the systems online.
The cash flow math
Amazon’s capital spending for 2026 is projected at around $200 to $220 billion.
As of Q1 2026, Amazon’s free cash flow had fallen to around $1 billion. For comparison, the figure stood at roughly $50 billion in Q1 2024.
During an internal meeting in September 2026, AWS CFO John Felton joked about the company’s slide into negative free cash flow territory.
Prasad Kalyanaraman, AWS’s vice president of infrastructure, was more direct about the AI business specifically.
“hugely free cash flow negative”
He also said he expects those conditions to continue for at least the next few years.
What this means
The research notes that these financial pressures may raise concerns about Amazon’s short-term profitability. Investors could reassess how much they’re willing to pay for Amazon’s growth story while the cash generation story weakens.
Hardware sitting in warehouses doesn’t earn revenue, so the pace at which AWS brings energy online at its sites could shape how quickly this spending turns into sellable capacity.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.