In a major move to finance its growing artificial intelligence ambitions, Amazon has entered the euro bond market for the first time with a record eight-part bond offering expected to raise about €10 billion ($11.6 billion).
According to people familiar with the matter, the bond deal includes maturities ranging from 2 years to 38 years. The structure marks the first eight-part bond sale in the European market, based on compiled financial data. The euro bond issue follows Amazon’s recent 11-part dollar bond sale held on Tuesday, which raised $37 billion.
Together, the combined fundraising is expected to become one of the largest corporate bond offerings ever. The move also reflects a broader trend of large cloud computing companies raising massive funds to invest in artificial intelligence infrastructure.
Along with Alphabet Inc., Meta Platforms, and Microsoft, Amazon has projected total capital expenditure of about $650 billion in 2026 to support AI expansion.
Using two currencies and multiple maturities allows Amazon to reach a wider range of investors and reduce refinancing risk over time. Previously, the record for the highest number of bond tranches in Europe was held by LVMH Moët Hennessy Louis Vuitton, which conducted a seven-part bond sale in 2020 to finance its acquisition of Tiffany & Co..
The US portion of Amazon’s fundraising generated strong investor interest. The offering attracted about $126 billion in orders, making it one of the largest demand books ever for a corporate bond deal. Initially planned at $25 billion, the sale size was later increased to $30 billion.
Global bond markets had slowed recently due to rising credit risks following the conflict in the Middle East. However, investor sentiment improved after Donald Trump indicated that the war with Iran may end soon. Market optimism cooled slightly on Wednesday after JPMorgan Chase was reported to be limiting certain lending activities to private credit funds.
Amazon’s bond issuance also follows its announcement last month that it plans to invest about $200 billion in 2026 on data centers, chips, and other AI-related infrastructure. The scale of this spending has raised concerns among some equity investors about when these large AI investments will begin generating returns.
Despite those concerns, credit markets continue to show strong demand for bonds issued by major technology companies. Last month, Alphabet Inc. raised about $32 billion across US and European high-grade bond markets, with particularly strong demand for a rare 100-year sterling bond.
JPMorgan Chase is acting as global coordinator for Amazon’s bond sale. Other bookrunners include Barclays, Bank of America, and Société Générale. The deal is expected to be priced later today.
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