Amazon plans to move $8 billion of Nvidia AI chips to a special‑purpose vehicle and lease them back
Amazon is reportedly negotiating with investors to transfer about $8 billion of Nvidia Blackwell AI chips into a newly created special‑purpose vehicle (SPV). The company would then lease the chips back, keeping them in use while removing the assets from its balance sheet. The SPV could raise capital by issuing debt and may sell up to a 10% equity stake to investors. The chips are installed across data centers in five U.S. states and the move is part of Amazon’s effort to adopt a more asset‑light model as it raises its 2026 capital spending target to $220 billion.
Why it matters
KeyBanc Capital Markets says the financing could pressure near‑term margins but would strengthen Amazon’s AI moat and improve its debt‑to‑equity ratio, supporting a better credit rating. The off‑balance‑sheet structure may also give Amazon access to a broader set of institutional investors.
Key facts
- 1Amazon is considering transferring about $8 billion of Nvidia AI chips to an SPV. benzinga.com
- 2The SPV could issue debt and offer up to a 10% equity stake to external investors. benzinga.com
- 3The chips are installed in data centers across five U.S. states. benzinga.com
- 4Amazon’s 2026 capital spending target has been raised by $20 billion to $220 billion. benzinga.com
- 5KeyBanc Capital Markets argues the financing could pressure near‑term margins but improve Amazon’s AI moat and credit profile. benzinga.com
- 6Amazon expects the SPV structure to improve its debt‑to‑equity ratio. siliconangle.com
Summary written by AlphAI from 12 of 12 sources. Not investment advice. Figures are as stated by the linked sources.