Amazon has gone back to the debt markets for at least $25bn, its largest bond sale of the year and the clearest sign yet of how much the company is prepared to borrow to keep pace in the artificial intelligence race. The offering is split across eight tranches with maturities running from 2029 out to 2066.
The money is earmarked for the thing swallowing cash across the whole industry: data centres, custom silicon, and the physical scaffolding that AI now demands. It follows a pattern set by Amazon’s record Canadian dollar bond earlier in the year, part of a borrowing run that has now topped $70bn since the start of 2025 across dollar, euro and Swiss franc deals.
Much of that spending flows through Amazon Web Services, where the company is racing to add capacity for customers training and running large models. A growing share is also going into its own Trainium chips, which Amazon has pitched as a cheaper alternative to buying Nvidia hardware at scale.
Investor demand was there, though it cooled as the terms firmed up. Orders peaked at around $62bn before the banks managing the sale trimmed the spread on offer, leaving the final book at roughly $41bn, or about 1.6 times the size of the deal.
