Amazon seeks to raise about $12 billion through a U.S. bond offering

In Brief

• Amazon issues $12B in bonds, returning to U.S. debt markets after a three-year pause.
• Proceeds to support AI investments, acquisitions, and data center expansion plans.
• AWS signs $38B deal with OpenAI as AI infrastructure spending continues to surge.

Amazon.com Inc. is issuing bonds worth approximately $12 billion in its first U.S. dollar debt sale since 2021. The company aims to secure funding to support capital-intensive initiatives, including artificial intelligence infrastructure.

The offering includes six tranches of investment-grade bonds, with the longest being a 40-year note. Early pricing discussions suggest a yield premium of around 1.15 percentage points over comparable U.S. Treasuries.

Major banks such as Goldman Sachs, JPMorgan Chase, and Morgan Stanley are managing the issuance. While the company has not disclosed an official amount in its filing, sources confirm the target stands near $12 billion.

Amazon may use the proceeds for acquisitions, capital expenditures, and potential share repurchases. The move follows similar multi-billion-dollar offerings by Alphabet, Meta, and Oracle in recent weeks.

Tech giants drive bond issuance surge amid AI investment boom

Amazon joins a growing number of technology firms issuing large-scale bonds to fund AI-related expansion. These moves are fueling record corporate bond activity globally, surpassing $6 trillion in issuance this year.

JPMorgan Chase forecasts that U.S. high-grade bond sales could hit $1.81 trillion next year, largely driven by AI-related spending. Amazon’s rising capital needs reflect this trend, as it ramps up investments in AI infrastructure.

Amazon Web Services recently signed a $38 billion, seven-year deal to provide OpenAI with access to Nvidia GPUs. Additionally, the company doubled its data center power capacity since 2022 and expects it to double again by 2027.

In Q3 2025, Amazon’s capital expenditures jumped 61% year-over-year, reaching $34.2 billion. These investments position the company to stay competitive in AI and cloud services.

As of 09:45 GMT-5 on November 17, Amazon shares traded at $231.84, down $2.51 (–1.07%). The price ranged between $231.41 and $234.60, compared to the previous close of $234.69, showing early-session weakness.