Amazon is negotiating a special purpose vehicle that will acquire Nvidia chips worth eight billion dollars and lease them back to the company. This is reported by the investment portal Dealroom citing a report from the Financial Times dated October 2, 2026.
Investors are expected to receive up to ten percent of the shares in the new company, while Amazon itself would remain without its own stake.
Special Purpose Vehicle to Benefit from Amazon's Creditworthiness
The planned company would issue its own bonds, the rating of which would closely align with Amazon's own credit rating. This is in the AA range and is among the best in the technology sector.
Such a rating could also attract conservative investors like insurers and pension funds, who otherwise avoid direct investments in young AI infrastructure. Thousands of chips of the Grace Blackwell type are affected, distributed across more than twelve data centers in five U.S. states, including Nevada and Virginia.
The processors are expected to remain in use for about five more years before Nvidia's successor generation, Vera Rubin, replaces them.
Amazon is calculating investments of 220 billion dollars for this year, the majority of which will flow into AWS chips and new data centers.
A portion of this sum could be accounted for by outsourcing to the special purpose vehicle, without AWS having to forgo the computing power. The eight billion dollars are independently unverified, as neither Amazon nor Nvidia have officially commented on the ongoing discussions.
Similar Financing Models Are Increasing in the Industry
Amazon would not be the first company to keep chip purchases off its own balance sheet in this way. Nvidia itself had agreed in August with six financial firms on its own financing platforms worth 500 billion dollars, where its own chips serve as collateral for the first time.
Google also adopted a comparable structure: A specially created special purpose vehicle buys computing chips there and leases them to Anthropic, which itself does not have its own credit rating.
Just one day before the Amazon report, a credit commitment of 42 billion dollars from Broadcom to Anthropic was also announced, a part of a total financing package worth 125.2 billion dollars, according to Techstartups.
According to estimates cited by Techstartups, technology companies could raise up to one trillion dollars in debt for AI infrastructure by the year 2030.
It will be crucial whether rating agencies actually classify the planned bond close to Amazon's own creditworthiness – only then would insurers and pension funds be likely to participate to a significant extent. If the placement succeeds, it could serve as a template for other companies that want to use their AI hardware but do not want to report it on their own balance sheets.
