Nvidia $NVDA is selling at least $20 billion in bonds, the company said Monday, its first debt offering in five years.
Nvidia is joining a broad wave of technology companies borrowing in bond markets to finance spending tied to the AI buildout
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Nvidia $NVDA is selling at least $20 billion in bonds, the company said Monday, its first debt offering in five years.
Structured across seven tranches, the deal spans maturities from two years out to 30, according to Nvidia's SEC filing. The yield on the longest-dated portion is being discussed at around 0.9 percentage points above Treasuries. Proceeds will be used in part to refinance existing debt. The size could still be increased.
Compared to Nvidia's prior debt deals in 2020 and 2021, the new offering is expected to dwarf both combined by a factor of at least four. JPMorgan $JPM Chase, Morgan Stanley $MS, and Goldman Sachs $GS are among the banks managing the offering, according to Bloomberg.
Nvidia is joining a broad wave of technology companies borrowing in bond markets to finance spending tied to the AI buildout. The bond market has seen an extraordinary influx of AI-related issuance, with Google $GOOGL and Amazon $AMZN among the tech giants that have collectively raised hundreds of billions of dollars to build out data centers and related infrastructure — demand that investors have shown little trouble digesting. In the final three months of 2025 alone, Oracle $ORCL, Google, Alphabet, and Amazon issued roughly $90 billion in bonds between them.
Nvidia sits at the center of that ecosystem as a supplier of the chips that power AI systems, and has itself been investing in the companies building demand for the technology. Those investments span several major players: OpenAI announced in February that Nvidia would put $30 billion into its latest funding round, while the chipmaker has also directed $5 billion toward Intel $INTC and pledged as much as $10 billion to AI model developer Anthropic. The company has also been increasing returns to shareholders.
Despite that spending, Nvidia is generating substantial cash. The company reported record revenue of $81.6 billion for its fiscal first quarter, up 85% from a year ago, with free cash flow reaching $48.6 billion in the quarter. The company also authorized $80 billion in additional stock buybacks and raised its quarterly dividend.
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