Hyperscale · Data Center Owner-Operator

Amazon (AWS Infrastructure).

AWS is on pace to bring 6+ GW of new IT load online globally in 2026. Its Virginia footprint alone (approaching 4 GW) shapes Dominion's capex trajectory, PJM's capacity auction outcomes, and the political conversation around data center taxation.

Seattle, WA

Ticker

NASDAQ: AMZN

Employees

1,540,000

Market Cap

$2.1T

Institutional Scoring

Grid, power, opportunity

Grid Risk — Elevated

71/ 100

Composite risk index

· Loudoun 500kV bottleneck
· BPA firm supply cap in Umatilla
· MISO capacity accreditation exposure

Power Availability — Constrained

44/ 100

Firm delivery readiness

Firm delivery beyond 2027 requires BTM or nuclear PPA in most tier-1 metros.

Opportunity — Very High

88/ 100

Institutional thesis

Anchor customer for every major U.S. transmission and generation buildout — infrastructure counterparty of first resort.

Analyst AI Summary

AWS's power strategy has pivoted from renewable-first to firm-first. Nuclear PPAs, gas peaker offtakes, and BTM microgrids are now on the table. Grid constraint in Loudoun and Umatilla is forcing site diversification into MISO South, ERCOT, and Ohio — each with its own regulatory and transmission risk profile. Watch: SCC ruling on AEP Ohio special contract as the template for other jurisdictions.

Executive Hierarchy

Andy Jassy

Since 2021

President & CEO, Amazon

AI capex, AWS margins

Matt Garman

Since 2024

CEO, AWS

Region strategy, capacity

Kevin Miller

Since 2018

VP, Global Data Centers

Site selection, energy sourcing

Chris Walker

Since 2020

Director, Energy & Sustainability

PPA book, nuclear PPAs

Infrastructure Projects

Project	Status	Capex	MW	State	Online
New Carlisle IN Campus	Under Construction	$11B	1,200	IN	2027
Madison County MS Cluster	Under Construction	$10B	900	MS	2027
Loudoun Ashburn Expansion (VA-16)	Permitting	$4.2B	600	VA	2028
Talen Susquehanna Nuclear PPA	Operational	PPA	960	PA	2026
Oregon Umatilla Expansion	Under Construction	$3.1B	400	OR	2027

Facilities

Facility	Type	Location	ISO	Utility	Load (MW)	Status
US-East-1 (Ashburn)	Data Center	Loudoun County, VA	PJM	Dominion Virginia	3,800	Operational
US-East-2 (Columbus)	Data Center	New Albany, OH	PJM	AEP Ohio	900	Operational
US-West-2 (Umatilla)	Data Center	Boardman, OR	WECC	Umatilla Electric	700	Operational
US-Central (New Carlisle)	Data Center	St. Joseph County, IN	MISO	AEP Indiana Michigan	1,200	Under Construction
US-South-1 (Madison)	Data Center	Canton, MS	MISO	Entergy Mississippi	900	Under Construction

Utilities Serving Facilities

Dominion Energy Virginia
Dominion Energy Inc. · serves Loudoun campuses
Large-load intake queue
AEP Ohio
American Electric Power · serves New Albany OH
Special contract filed 2025
Umatilla Electric Cooperative
Coop / BPA wholesale · serves Umatilla OR
Firm supply — BPA constrained
AEP Indiana Michigan Power
American Electric Power · serves New Carlisle IN
IURC case pending
Entergy Mississippi
Entergy Corp · serves Canton MS
MPSC approved 2026

Substations Nearby

Brambleton 500/230kV
Dominion · serves US-East-1 north
500/230 kV
0.9 mi
Loudoun 230kV
Dominion · serves US-East-1 south
230 kV
1.4 mi
Sunbury 345kV
AEP Ohio · serves New Albany
345 kV
3.2 mi
Roseland 500kV (proposed)
AEP Indiana · serves New Carlisle
500 kV
2.1 mi

Transmission Proximity

Mt. Storm–Doubs 500kV
500 kV · 22 mi
Dominion / FirstEnergy · headroom ≤ 4%
AEP 765kV backbone
765 kV · 18 mi
AEP · headroom 12%
Entergy 500kV loop
500 kV · 27 mi
Entergy · headroom 22%

Capital Spending

2024A
AI, data centers, fulfillment
$83B (total)
2025A
AI infra + AWS capacity
$105B (total)
2026E
AI + PPA build-out
$118B (total)

Manufacturing Footprint

Austin, TX
Custom silicon (Trainium/Inferentia)
Headcount 1,900 · Capacity n/a

ESG Metrics

Renewable energy match
100% —
Water positive progress
53% ▲
24/7 CFE regions
12 ▲
Scope 3 emissions
56.7 Mt ▲

Energy Consumption Mix

Wind PPA44%

Solar PPA33%

Nuclear PPA12%

Talen + emerging SMR

Battery/storage4%

Utility supply7%

Political Exposure

Virginia
Elevated
Data center tax and rate design fight
Prince William County
High
Digital Gateway community opposition
Ohio PUC
Moderate
Special contract precedent case
Mississippi PSC
Low
Approved 2026 — supportive posture

Natural Disaster Exposure

Hurricane
Moderate
Mid-Atlantic, Gulf clusters
Tornado
Moderate
Ohio + Indiana campuses
Wildfire
Elevated
Oregon Umatilla
Drought / water
Elevated
West + Southwest cooling

Forward Timeline

2026-Q3
Talen Susquehanna PPA in-service
Generation
2026-Q4
New Carlisle IN phase 1 substation
Transmission
2027-Q1
Madison MS first-power
Data Center
2027-Q3
Umatilla expansion COD
Data Center
2028-Q2
Loudoun VA-16 phase 1
Data Center

Relationship Mapping

Dominion Energy Utility
Primary Loudoun supplier
Talen Energy
Supplier
Susquehanna nuclear PPA counterparty
AEP
Utility
Ohio + Indiana supplier
Entergy
Utility
Mississippi supplier
NextEra Energy Resources Supplier
Renewable PPA anchor
Microsoft, Google, Meta
Competitor
Competing for same substations

Recent SEC Filings

10-Q
2026-05-01
Q1 — AWS $30B revenue, capex guide raised
8-K
2026-06-27
Susquehanna nuclear PPA announcement
DEF 14A
2026-04-11
Proxy statement

Procurement Contacts

AWS Infrastructure Procurement
Global data center sourcing
Long-lead: transformers, gensets, chillers
Energy & Sustainability
PPA + tariff origination
Nuclear, gas, storage
Site Selection
Real estate + entitlements
Grid-first site screening

Recent Press Releases

AWS Signs Nuclear Power Agreement with Talen Energy
2026-06-27
Capex
Amazon Announces $11 Billion Indiana Investment
2026-06-10
Capex
AWS Expands Mississippi Region
2026-05-22
Capex

Connected Coverage

Other counterparties

Regulated Utility · PJM/Dominion Zone

Dominion Energy

Hyperscale · Cloud & AI

Microsoft

Regulated Utility + IPP

NextEra Energy

Hyperscale · AI Infrastructure

Meta Platforms