Nvidia, the world's most valuable company, priced a $25 billion bond offering on Monday, its first debt issuance since 2021.
Investor orders surged past $85 billion, more than three times the deal's size, allowing the chipmaker to expand the transaction and secure cheaper long-term financing. The favorable terms help protect Nvidia's AA credit rating while funding artificial intelligence investments.
The proceeds will be used for general corporate purposes, including refinancing existing debt. The massive raise follows a series of capital commitments, including investments in Intel and contributions to AI firms Anthropic and OpenAI.
Nvidia joins a wave of tech giants tapping capital markets for AI infrastructure. Meta and Oracle have each issued $25 billion in bonds this year, while Amazon completed a $37 billion offering. Nvidia shares closed up 3.5% at $212.45, valuing the company at approximately $5.14 trillion.
In contrast, Google parent Alphabet opted for an equity route, pricing an upsized $84.75 billion capital raise to fund its AI compute expansion. Management has guided 2026 capital expenditure between $180 billion and $190 billion.