Amazon seeks at least $25 billion in US bond sale to back AI infrastructure, while pledging no additional debt this year

Amazon is looking to raise at least $25 billion through a new US dollar bond sale aimed at supporting its artificial intelligence infrastructure buildout, according to a report citing people familiar with the matter. The company has also told underwriters that it will not issue any additional debt in 2026, according to the same reporting.

Reporting says the offering would be structured as an eight-part bond sale. While investor demand could determine the final size, the transaction is framed as part of a broader push to fund Amazon’s AI and cloud capacity expansion, rather than a one-off refinancing exercise.

Amazon disclosed plans for the capital raise in an SEC filing on Tuesday, but the report says the dollar amount was not disclosed in that filing. A company spokesperson told CNBC that proceeds will be used for general corporate purposes, a category that can include capital expenditures, operations, and other uses, though the statement did not provide additional specificity in the report.

This bond sale is the latest in a flurry of debt issuance by tech companies trying to finance heavy AI-related spending. In the same report, Amazon’s capital markets activity this year is described as substantial: the company raised roughly $54 billion in bonds earlier in the year in the US and Europe, followed by a $10 billion bond raise in Canada in June, and a $15 billion US bond offering in November.

Amazon’s planned spending also underscores why borrowing remains central to its strategy. The report cites Amazon’s projections that capital expenditures will reach $200 billion in 2026, up from $131 billion in 2025, with most of the spending directed to data centers, chips, and other equipment used to power AI and related cloud workloads.

The request for new debt comes as investors and analysts continue to scrutinize the pace and returns of AI infrastructure investments across the sector. Amazon’s cloud business, AWS, sits at the center of that debate, because it sells the compute and storage capacity that customers need to run machine learning and generative AI systems.

In practice, large AI infrastructure builds require long lead times, specialized hardware procurement, and data center expansion, all of which tie cash flows more directly to financing decisions. Bond sales are one way for companies to match those costs with long-term funding, even as they also balance operating cash flow and potential equity issuance.

Even with the bond sale plan, some specifics remain unclear from the reporting: the final terms of each bond tranche, the interest rates, maturity profile, and the ultimate total amount that could grow above $25 billion based on demand were not detailed in the excerpts. The SEC filing’s full content and the exact use-of-proceeds language beyond “general corporate purposes” were also not fully described in the report.