Here’s what last week’s letter reveals, and why partners should pay close attention.

AWS grew 20% YoY to $129B in 2025, with Q4 accelerating to 24% at a $142B run rate.

But the AI-specific number is what stands out.

Three years into the AI wave, AWS AI revenue is “ascending rapidly”— its $15B run rate in Q1 2026, ~260x larger than AWS itself was at the same point in its history.

For context, Microsoft’s last explicit AI revenue disclosure was ~$13B annualized last year

Google Cloud has been vaguer, describing “billions in quarterly AI revenue.”

On the lab side, Reuters reported OpenAI at $25B+ and Anthropic at $30B+ — but those comparisons are a bit messy because the business models and revenue accounting differ significantly from hyperscalers.

The point: AWS AI is now a top-tier AI revenue business in its own right. That shapes the co-sell focus and the math for every ISV and partner on the platform.

Three signals partners should watch:

1. Bedrock is becoming the center of gravity

Jassy said Bedrock nearly doubled month-over-month in March and processed more tokens in Q1 2026 than in all prior years combined.

2. AWS is showcasing a full AI stack

Jassy explicitly named SageMaker, Bedrock, Trainium, Strands (agent-building), AgentCore (agent environments), and turnkey agents like Kiro, Transform, and Quick. Each one is a potential integration point — and a “better together” story that AWS sellers can bring to customers.

3. ~$200B in capex for 2026, backed by customer commitments

Jassy said customer commitments already cover a substantial portion of this spend. That means the cloud commit backlog is growing fast. More commits = more marketplace-eligible budgets.

One more important number:

Jassy reiterated that 85% of global IT spend is still on-prem. AWS is a $142B business and has barely scratched the surface.

The migration, modernization, and AI adoption work ahead will take years — and ISVs who position their products as part of that journey will ride the wave alongside AWS.

What this means for alliance leaders:

• If your product touches AI, data, or agent workflows — align your roadmap to Bedrock and the broader AI stack. That’s where AWS focus and incentives are headed.

• $15B is a very large number. So is the investment behind it. The $200B capex figure is your market sizing slide for the years ahead (apply partner multiplier)

• If most IT spend is still on-prem, the real partner prize is helping customers modernize and operationalize AI at the same time.

What’s your read on what AWS AI growth means for ISVs and partners?

Source: Andy Jassy’s shareholder letter