Amazon Is Borrowing Another $25 Billion for AI, and Promises This Is the Last Time This Year

Amazon is borrowing another $25 billion for AI-focused capacity expansion, while telling underwriters it will not return to the bond market again this year. The company plans to raise the amount via multiple tranches in the U.S. dollar investment-grade market, including maturities extending out to 40 years. The deal comes on top of $54 billion Amazon already issued in March 2026 and supports a 2026 capex plan pegged at about $200 billion by CEO Andy Jassy. Amazon reported $139.5 billion in operating cash flow in 2025 and $101.8 billion in cash, but heavy spending—capex of $131.8 billion in 2025 and $44.2 billion in Q1 2026—has driven trailing-twelve-month free cash flow down about 95% to $1.2 billion. Long-term debt rose from $65.6 billion at end-2025 to $119.1 billion by end of Q1 2026, with interest expense climbing to $800 million from $541 million a year earlier.