Amazon.com Inc.
(NASDAQ:AMZN) has taken on $17.5 billion in new debt to fund its AI build-out, a striking move for a company that long ran on cash flow rather than borrowing.
The delayed-draw term loan came from a syndicate that includes Citibank, JPMorgan, Bank of America, HSBC and Wells Fargo, according to a filing dated June 8.
The structure lets Amazon draw the money as needed.
Amazon's 2026 capital spending is tracking toward roughly $200 billion, while its trailing twelve-month free cash flow has collapsed to about $1.2 billion, down from roughly $26 billion a year earlier.
