Nvidia is planning to raise at least $20 billion through a high-grade bond sale, a move that would dwarf every previous debt issuance in the company’s history.
If the deal goes through, it would represent a tenfold increase over Nvidia’s last major debt offering, a $2 billion notes sale back in September 2016.
The AI arms race is being financed with debt
Alphabet set the template in February 2026, executing a $20 billion multi-tranche bond offering to finance its own AI data center expansion. Those bonds carried maturities stretching from 2029 all the way to 2066.
Microsoft and Amazon have been running similar playbooks, tapping favorable credit conditions to fund massive capital expenditure programs. Industry estimates suggest that hyperscalers may collectively borrow between $175 billion and $300 billion annually to support their buildouts.
