NEW YORK, March 10, 2026, 17:03 EDT
Amazon.com is lining up a bond sale worth between $37 billion and $42 billion across both dollars and euros, Bloomberg News said Tuesday—putting the offering among the largest ever seen in corporate debt. Bloomberg also reported that U.S. orders alone totaled roughly $126 billion, overshooting what’s up for grabs. Reuters
The timing is notable: Amazon last month projected capital expenditures would hit roughly $200 billion in 2026—an increase from $131 billion planned for 2025—driven by investment in AI, chips, robotics, and low-earth-orbit satellites. With this sale, Amazon is clearly turning to debt markets to bankroll its sprawling data-center and cloud ambitions. Amazon
Amazon listed up to 11 different U.S. bond maturities in a securities filing. According to the Financial Times, the dollar tranche was raised to $37 billion, up from the preliminary range of $25 billion to $30 billion. The company is also lining up a roughly 10 billion euro sale as soon as Wednesday. Reuters
The deal offers a snapshot of a market in flux as hyperscalers—those massive cloud operators—reshape the landscape. Barclays analysts, back in January, flagged AI spending as the top risk for swelling U.S. corporate bond supply this year. Then UBS bumped its 2026 forecast for U.S. tech bond issuance, raising the figure to $360 billion. Reuters
Amazon isn’t the only one in the mix here. Back in February, Alphabet moved $20 billion in bonds and had another pound-denominated sale lined up. Oracle, for its part, told investors last month it was eyeing between $45 billion and $50 billion in fresh capital—debt and equity—to boost its cloud footprint by 2026. BofA Securities, in a January estimate, put combined bond sales from Amazon, Alphabet, Meta, Microsoft and Oracle at $121 billion for 2025. Reuters
CEO Andy Jassy insists the heavy spending is about meeting demand, not chasing dreams. Back in February, he reiterated that Amazon was still aiming for a “strong long-term return on invested capital” out of this year’s capex bill of roughly $200 billion. AWS, Amazon’s cloud division, delivered 24% growth in the fourth quarter, reaching $35.6 billion—marking its fastest quarterly pace in more than three years. Amazon
Some investors are uneasy about how quickly things are moving. Dave Wagner, portfolio manager at Aptus Capital Advisors, pointed out the market “dislikes the substantial amount of money” pouring into capex. For D.A. Davidson’s Gil Luria, Amazon’s hand is pretty much forced—he says the company has to invest at this rate “just to stay in the race.” Reuters
The risk is clear enough. Should AI workloads and cloud usage fail to accelerate, Amazon faces steeper interest expenses and higher depreciation—crimping the company’s free cash flow cushion. Russ Mould, investment director at AJ Bell, cautioned that pulling off positive surprises could prove difficult. UBS, for its part, noted that U.S. tech firms are now more likely to seek funding outside the dollar market as their capital requirements exceed previous expectations. Reuters
Back in November, Amazon raised roughly $15 billion with its first U.S. bond offering since 2021. On Tuesday, investor demand came in strong again, signaling there’s still plenty of appetite to finance Amazon’s ambitions. But how much investors are willing to swallow—especially with AI spending mounting—will come down to where pricing lands and whether Amazon adds a euro tranche. Reuters
