Amazon is raising at least $25 billion through an eight-part bond sale, marking its third major debt issuance this year to fund massive AI infrastructure buildout. The company has told underwriters it will issue no more debt in 2026, signaling confidence that this tranche will cover near-term capex needs. The bond offering includes tranches with maturities ranging from three to 40 years.
Amazon has already raised roughly $54 billion in bonds earlier this year across the U.S. and Europe, followed by a $10 billion raise in Canada in June. The company projects total capital expenditures of $200 billion in 2026, up from $131 billion in 2025, with the majority going to data centers, chips, and computing equipment to support AI services. CEO Andy Jassy has repeatedly framed AI as a "once-in-a-lifetime opportunity" requiring aggressive spending despite near-term margin pressure.
Big Tech collectively—Amazon, Alphabet, Microsoft, and Meta—is expected to spend over $700 billion on AI infrastructure in 2026, a shift from historical reliance on cash reserves. For investors, Amazon's debt-heavy 2026 capital strategy signals the scale of AI competitive intensity: the company has turned to debt markets rather than draw down liquidity, underscoring that capex requirements now exceed cash generation.