Amazon seeks at least $25 billion in bonds to fund its 2026 AI infrastructure buildout

Amazon is seeking to raise at least $25 billion in a US dollar bond sale to help fund its AI infrastructure buildout, according to people with knowledge of the matter. It ranks among the largest corporate debt offerings of the year, and the size could rise on investor demand.

The sale marks a turn in how the biggest cloud providers are paying for AI. Hyperscalers have leaned increasingly on debt rather than cash flow to cover soaring data-center costs, and this deal alone would push 2026 AI-related global debt issuance to about $335 billion, more than double 2025 levels.

The offering is structured as an eight-part deal, with senior unsecured maturities ranging from three to 40 years, people familiar with the terms said. Amazon told underwriters it does not plan to issue more debt in 2026 after this sale. The company had already raised roughly $54 billion in bonds earlier in 2026 across the US and Europe, plus a $10 billion Canadian-dollar sale in June.

The borrowing tracks a capital-spending plan that has grown sharply. Amazon has projected about $200 billion in 2026 capital expenditure, up from $131 billion in 2025, with most of it going to data centers, custom chips and other AI equipment.

The figures rest on outlet reporting and people familiar with the sale rather than a priced prospectus; terms could shift before the deal closes, and Amazon has not published a first-party statement confirming the offering. A formal SEC filing would follow once the bonds price.

For debt investors, the scale of the sale is a test of appetite for financing the AI buildout at a time when returns on that spending remain unproven. Amazon’s pledge to stay out of the market for the rest of the year suggests it is front-loading its borrowing while conditions hold.