Morgan Stanley projects AWS revenue to nearly triple to $374B by 2028
Beth_Kindig · x · 2026-10-29
Morgan Stanley forecasts Amazon AWS revenue to grow from $128.7B in 2025 to nearly $374B by 2028, nearly tripling in three years.
The projected trajectory (see chart):
- 2024: $107.6B (+19% YoY)
- 2025: $128.7B (+20% YoY)
- 2026E: $178.3B (+38% YoY)
- 2027E: $262.3B (+47% YoY, peak growth)
- 2028E: $373.6B (+42% YoY)
The forecast implies sharply accelerating growth, reflecting strong AI-driven compute demand. Source: Morgan Stanley's Amazon note (Oct 18, 2026), citing company data for 2024–2025.
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