Nvidia just raised $25 billion in the bond market, and investors are already passing the paper around like a hot playlist. Secondary trading has been brisk since the offering priced on June 15, with bond prices holding steady near their original issue levels.
The deal marks Nvidia’s first return to the debt market since a $5 billion issuance back in 2021. In other words, the company went from borrowing $5 billion to borrowing five times that amount in one shot.
Inside the deal
The offering was structured across seven tranches of debt, with maturities stretching from 2028 all the way out to 2056.
Nvidia originally targeted $20 billion for the raise. Then investor demand showed up at roughly $85 billion in total orders, making the deal more than three times oversubscribed. That kind of excess demand allowed Nvidia to upsize to $25 billion and tighten its spreads, meaning it locked in cheaper borrowing costs than initially expected.
