AI Compute Deals

Amazon AI compute deals

Amazon is party to 8 deals in the ledger, buyer in 3 and seller in 5. The 7 with a stated price add up to $279.5B in headline value. Stated capacity: 7.3 GW. Counterparties: Constellation Energy, Anthropic, OpenAI, Cipher Mining, Talen Energy.

Verified 9 Nov 2026. Sums count each row’s headline figure as stated, cancelled deals excluded. Open in the full ledger

  1. Amazon–Constellation 20-year, 690 MW Calvert Cliffs nuclear PPA

    Buys from Constellation Energy

    Contract value not disclosed; $3 billion+ is Constellation's investment. Plant: Calvert Cliffs (~1,790 MW); 690 MW contracted including the 190 MW uprate. Constellation dates it 'September 2026'; trade press reported it in early October.

    n/d signed

  2. Anthropic commits $110B+ to AWS; Amazon invests up to $25B more

    Sells to Anthropic

    Minimum spend of $110.0 billion May 2026–April 2036 with a true-up if usage falls short (Anthropic S-1/A); announced as 'over $100 billion' over ten years. Separate Amazon investment: $5B immediately at a $380B valuation plus up to $20B on milestones.

    $110B1 5 GW signed

  3. Amazon invests $50B in OpenAI; AWS deal expanded by $100B

    Sells to OpenAI

    AWS agreement expanded by $100 billion over eight years (on top of $38B). Separate Amazon equity investment of $50 billion ($15B initial + $35B conditional).

    $100B1 2 GW expanded

  4. AWS–Cipher Mining $5.5B 15-year lease (300 MW)

    Buys from Cipher Mining

    About $5.5 billion over 15 years.

    $5.5B1 0.3 GW signed

  5. OpenAI–AWS $38B seven-year compute deal

    Sells to OpenAI

    $38 billion over seven years. Expanded by $100 billion over eight years in February 2026 (see separate record).

    $38B1 expanded

  6. Amazon–Talen 1,920 MW nuclear supply from Susquehanna

    Buys from Talen Energy

    1.92 GW of nuclear supply from Talen's Susquehanna plant; generation, not data center capacity. About $18 billion of expected revenue to Talen over the contract life at full quantity (Talen investor presentation, per Utility Dive). Projection, not a fixed price.

    $18B1 expanded

  7. Amazon adds $4B to Anthropic; AWS becomes primary training partner

    Sells to Anthropic

    Up to $4.0 billion of convertible notes in three tranches ($1.3B Nov 2024, $1.3B May 2025, $1.4B Nov 2025), bringing Amazon's total to $8 billion. All tranches issued per Anthropic's S-1/A.

    $4B1 completed

  8. Amazon invests up to $4B in Anthropic; AWS becomes primary cloud

    Sells to Anthropic

    Up to $4 billion, structured as convertible promissory notes (Amazon 2023 note purchase agreement, 19 Sept 2023). Per Anthropic's S-1/A: first tranche $1.2 billion in September 2023; second tranche $3.4 billion principal in March 2024 for $2.8 billion of proceeds.

    $4B1 completed