Amazon.com has kicked off what is likely to be one of the biggest corporate bond offerings ever, in the latest blockbuster fundraising to pay for the artificial intelligence boom.
The tech giant is targeting the equivalent of about $37 billion to $42 billion in a cross-Atlantic offering in dollars and euros, according to people with knowledge of the matter.
The firm is marketing US high-grade bonds in as many as 11 tranches, ranging from 2 to 50 years, and seeks to raise $25 billion to $30 billion, the people said, asking not to be identified because discussions are private.
Initial price discussions for the longest portion of the deal — a note maturing in 2076 — are a premium of about 1.55 percentage point above Treasuries, one of the people said.
The firm also is also targeting raising as much as €10 billion from a potential eight-part debut euro bond sale with maturities of two to 38 years. The euro market has never had an eight-tranche offering.
Representatives for HSBC Holdings Plc, Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. — the banks managing the dollar-bond offering — didn’t immediately respond to a comment request.
Bond sales have restarted globally as gauges of credit risk fell after US President Donald Trump hinted that the war with Iran will end soon. At least €21 billion ($24 billion) bonds are set price in Europe on Tuesday, making it the busiest day since the conflict in the Middle East started last week.
Amazon’s deal the latest in a series of jumbo bond sales by hyperscalers as they plan to invest hundreds of billions of dollars in AI infrastructure. Investors have so far been eager buyers, placing orders several times the size of recent offerings.
Last month alone, Alphabet Inc. raised roughly $32 billion in the US and European high-grade bond markets, with Oracle Corp. borrowing another $25 billion in the US. Amazon last tapped the market in November, when it sold $15 billion of dollar bonds.
Amazon’s offering comes at a time when equity investors grow more worried that the company’s massive spending in AI may not pay off. The firm last month said it would invest about $200 billion in data centers, chips and other equipment in 2026, beating analysts’ estimates.
Amazon, along with Alphabet, Meta Platforms Inc. Oracle and Microsoft Corp., have forecast capital expenditures of about $650 billion in 2026.
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