Absolute volume maybe[1], as relative % of global digital communication traffic, the era of early telegraph probably has it beat.

In the pre digital era, East India Company dwarfs every other company in any metric like commerce controlled, global shipping, communication traffic, private army size, %GDP , % of workforce employed by considerable margins.

The default was large consolidated organization throughout history, like say Bell Labs, or Standard Oil before that and so on, only for a brief periods we have enjoyed benefits of true capitalism.

[1] Although I suspect either AWS or MS/Azure recent down-times in the last couple of years are likely higher