The correct option is Alpha. It fits the description of rapid iteration, evolving requirements, and the absence of service level agreements.

In this phase teams move quickly to validate ideas and incorporate early feedback. Requirements change often and breaking changes are likely. Vendors typically do not provide SLAs or production guarantees because the focus is learning and shaping the feature rather than stability.

Private preview targets a small set of invited customers and emphasizes restricted access and confidentiality. While it can be experimental, the defining trait in this question is the explicit combination of fast iteration, changing requirements, and no SLAs, which aligns more directly with the alpha phase rather than the access model of a private preview.

General availability represents a stable and production ready release. This phase is characterized by SLAs, stronger compatibility commitments, and slower change, which contradicts the scenario described.

Beta is usually more stable and closer to feature complete. Changes are narrower and teams aim for production readiness even if an SLA may not always be offered, so it does not best match the rapid uncertainty and pace described.

Full AWS Practitioner Certification Question