Amazon.com Inc. is back in the bond market, this time to raise at least $25 billion for its artificial intelligence buildout, according to Bloomberg.

The offering is split into eight parts, senior unsecured notes with maturities running anywhere from three years to 40. Most carry a fixed interest rate, though some float. Amazon has tagged the proceeds for general corporate purposes, which a spokesperson told CNBC can stretch to cover future capital spending or paying down debt already on the books.

Demand ran hot. Orders peaked near $62 billion on Tuesday before the banks trimmed the spread on offer, which pared the book to about $41 billion, or roughly 1.6 times the size of the deal. Amazon does not plan to borrow again this year, it told the underwriters.

Barclays plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley led the sale.

This is not a one-off. Amazon sold about $54 billion of bonds in the U.S. and Europe earlier this year, then added a $10 billion Canadian offering in June. The company keeps coming back because its spending now outpaces the cash it generates.

The borrowing tracks a capital budget that keeps swelling. Amazon has guided investors toward roughly $200 billion in capital expenditures this year, well above the $131 billion or so it spent in 2025. Data centers, chips and the gear that runs Amazon Web Services eat up most of it. Amaon Chief Executive Andy Jassy has defended the outlay. He says demand for AI capacity is outrunning what Amazon can bring online and the company is making money from it faster than it can build.

Other tech giants are borrowing too. Alphabet Inc., Microsoft Corp. and Meta Platforms Inc. have all leaned on debt and equity markets to fund AI expansion and together the group is expected to spend more than $700 billion on the technology this year. How much of that buildout is being paid for with debt rather than profit has become a live question for investors.

For Amazon, it comes down to whether demand keeps up. AWS revenue grew 28% in the most recent quarter. Jassy has also said the company’s custom chips, Trainium and Graviton, will bring in more than $10 billion this year.

Image: AWS