Amazon intends to raise at least $25 billion through a multi-tranche bond sale as part of its plans to increase its investment in AI infrastructure.

The offering, disclosed in a regulatory filing, comprises eight tranches of fixed and floating-rate notes with maturities ranging from 2029 to 2066.

According to a report by Reuters, Amazon said it will use the proceeds for general corporate purposes, including future capital expenditure and repaying maturing debt. The technology giant expects to spend around $200 billion on capital expenditure this year, with much of that investment going towards data centres, chips and other infrastructure needed to support AI services.

Investor appetite for the offering proved strong. Reuters reported demand reached around $62 billion, allowing Amazon to press ahead with one of the largest corporate bond sales of the year.

The debt issue follows an oversubscribed $37 billion bond sale completed in March, as well as additional bond offerings in Europe and Canada earlier this year.

Amazon is not alone in turning to capital markets to finance AI infrastructure. Reuters noted that other technology companies, including Meta, Alphabet and Microsoft, have all raised significant sums through debt or equity offerings to fund the growing cost of building AI platforms. Combined AI-related spending by the largest hyperscalers is expected to exceed $700 billion this year.

Barclays, Goldman Sachs, JPMorgan and Morgan Stanley serve as joint book-running managers for Amazon’s bond offering.

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