Amazon is kicking off at least $25 billion in new bond sales, consisting of one floating-rate note and seven fixed-rate tranches with maturities ranging from three to 40 years. The company filed a preliminary prospectus supplement with the SEC on July 7th, leaving pricing details blank at the time, but final pricing showed the spreads tightened significantly from initial guidance — thanks to peak orders of roughly $62 billion.
So far this year, Amazon has already raised about $64 billion across bond markets in the US, Europe, and Canada. Add this latest offering, and its total 2026 debt issuance will approach $90 billion. The company has told underwriters it won't tap debt markets again this year.
All this borrowing is fueling the tech giant's expensive AI arms race. Amazon expects its 2026 capital expenditures to hit a staggering $200 billion, with most of that money going to AWS for chips, servers, and data center expansions. When investors have pushed back, management insists AI is a once-in-a-lifetime opportunity that demands heavy investment.