Amazon weighs $8B Nvidia chip sale-leaseback to fund AI buildout

Amazon is in talks over a roughly $8 billion financing deal that would move thousands of Nvidia Grace Blackwell chips into a special-purpose vehicle and lease them back for its data centers. The company expects about $220 billion in 2026 capex and has already raised $50 billion and $25 billion in bonds.

• The ~$8B deal would place Nvidia Grace Blackwell chips in an SPV and lease them back
• Amazon's 2026 capital expenditures are projected at about $220 billion
• Amazon upsized a March bond sale from $37B to ~$50B, then raised another $25B in July
• Nvidia proposed a $500B financing platform in August, backstopping up to $125B in debt