Amazon Returns to Bond Market With $12B Multi-Tranche Offering
Amazon.com Inc. is returning to the U.S. investment-grade bond market for the first time in nearly three years, seeking to raise about $12 billion through a multi-part offering, according to multiple reports. The company is issuing bonds across as many as six tranches, with the longest— a 40-year note—initially marketed at roughly 115 basis points over Treasuries, Bloomberg reported.
Proceeds will be used for general corporate purposes, including continued expansion of Amazon’s data center footprint, logistics infrastructure, and rapidly growing artificial intelligence investments.
The deal is being led by Goldman Sachs, JPMorgan Chase, and Morgan Stanley, and arrives during a historic surge in debt issuance from major technology companies. Alphabet raised $25 billion earlier this month, Meta priced $30 billion in bonds in October, and Oracle tapped markets for $18 billion in September. Global corporate bond issuance has already surpassed $6 trillion in 2025, while JPMorgan projects U.S. investment-grade supply could reach a record $1.81 trillion next year, driven largely by AI-related capital needs.
Amazon has been aggressively scaling capital expenditures, which rose 61% year-over-year to $34.2 billion in the third quarter. Much of that spending is tied to its cloud and AI ambitions. Earlier this fall, Amazon Web Services signed a $38 billion, seven-year agreement with OpenAI to supply hundreds of thousands of Nvidia GPUs—one of the largest cloud-AI infrastructure commitments to date.
