Amazon Plans $25B Bond Sale to Fund AI Infrastructure

The filing, submitted to the Securities and Exchange Commission, outlines notes maturing between 2026 and 2065, with the longest tranche carrying a 5.95% coupon. Proceeds will be used for general corporate purposes, including capital expenditures tied to artificial intelligence and cloud computing.

Amazon's move follows a wave of debt issuance by tech giants to finance AI data centers and related hardware. The company reported $115.9 billion in cash and marketable securities as of September 30, but borrowing at current rates may be cheaper than repatriating overseas cash.

The bond sale is expected to price later this week, with underwriters including JPMorgan, Morgan Stanley, and Goldman Sachs. Amazon last tapped the debt market in 2024 with a $10 billion offering.

The company's capital spending rose 81% year-over-year in the third quarter to $22.6 billion, driven largely by AWS infrastructure. Amazon has announced plans to invest more than $100 billion in AI-related projects over the next decade.