I suspect that true startups (i.e. pre-Series-B companies) are rounding error in AWS earnings. They give out $100K-$1M credits like candy to accelerators as a

I suspect that true startups (i.e. pre-Series-B companies) are rounding error in AWS earnings. They give out $100K-$1M credits like candy to accelerators as a loss-leader to get startup business. Growth companies (like unicorns) might be a hefty chunk, but I suspect that a lot of Amazon's revenue comes from Fortune-500 companies, academic research labs, and other major tech companies (like Netflix or Snapchat) that don't run their own clouds.