AMZN · 10-Q · 2026Q1 · Full report

Major Strategic Investments

AMAZON COM INC · 2026-04-30 · Importance 71 · Surprise 60

In Q1 2026 Amazon invested $15.0 billion in OpenAI’s Series C Preferred Stock and entered into an equity commitment letter to purchase an additional $35.0 billion of OpenAI Series C Preferred Stock subject to conditions. Management expects to fund the OpenAI commitment with cash on hand and notes large invested cash and marketable securities balances ($123.0 billion at Dec 31, 2025 and $143.1 billion at Mar 31, 2026). Separately, the firm recorded very large equity-related valuation and reclassification adjustments in Q1 2026 (other income (expense), net was $15.6 billion in Q1 2026) tied to its investments in other AI-related entities, which materially affected reported results and income tax discrete items.