Nvidia launched its first investment-grade bond sale since 2021 on June 15, pricing $25 billion in notes — upsized from an initial target of at least $20 billion — after attracting roughly $85 billion in orders, more than three times the deal size. The offering is structured in seven tranches with maturities ranging from two to 30 years and was led by Goldman Sachs, J.P. Morgan, and Morgan Stanley. Nvidia said it intends to use the proceeds for general corporate purposes, including repayment and refinancing of existing debt; the company currently carries approximately $7.5 billion in long-term debt and $1 billion in short-term debt. The deal marks Nvidia’s return to the bond market since its 2021 raise, when it brought in $5 billion — at a time when annual revenue stood at around $27 billion, compared with $216 billion in fiscal 2026.
The offering is part of a broad wave of tech debt issuance driven by the AI infrastructure build-out. Alphabet has raised more than $55 billion in fresh debt since November and announced plans for $85 billion in equity-related offerings; Amazon raised roughly $54 billion in US and European bond sales earlier this year and announced a further ~$10 billion Canadian debt raise last week; Super Micro announced $7 billion in equity-related financing for hardware procurement. Analysts framed Nvidia’s bond sale as a capital efficiency move rather than a sign of balance-sheet stress — the company generates substantial free cash flow and is keeping liquidity available for AI investments, buybacks, and R&D on next-generation chips, while locking in long-term financing at manageable rates.