Nvidia Shocks Wall Street With $25 Billion Bond Deal

Nvidia said it plans to raise $25 billion by issuing bonds in the United States, its first return to the debt market since 2021. The AI chip leader had initially considered raising $20 billion, but increased the size after seeing demand surge to $85 billion, according to Reuters and a person familiar with the matter who asked to remain anonymous. Much of the demand came from U.S. investors, and the announcement caught the market off guard because Nvidia had given almost no prior indication of the move.

The offering will include seven separate bond tranches, with the longest dated due in 2056. Nvidia said the proceeds are intended for general corporate purposes, including repaying and refinancing existing debt. A source said the main goal may also have been to create a clear, liquid benchmark for the company’s borrowing costs. Nvidia last tapped the investment-grade bond market in June 2021, when it raised $5 billion.

The company capped the deal at $25 billion, a move market participants said was meant to protect credit spreads, and it stands apart from other large tech companies that are rapidly financing AI spending. Combined AI-related capital spending by big tech is expected to exceed $700 billion this year, up from about $400 billion in 2025. Meta filed in October for its largest bond sale, up to $30 billion, and Alphabet recently revealed plans to issue yen-denominated debt for the first time.

Although Nvidia does not directly build large data centers, its chips for those servers are in exceptionally strong demand as companies train and run increasingly complex AI models. Nvidia has shifted to launching a new chip series every year, with each generation offering significantly stronger AI capabilities. The company had $13.24 billion in cash and cash equivalents at the end of the quarter that ended in April 2026, and its shares rose 3.3% on Monday. Goldman Sachs, JPMorgan and Morgan Stanley are underwriting the deal.