Amazon Explores $8B Nvidia Chip Deal Via Special-Purpose Vehicle

Amazon is exploring a plan to offload approximately $8 billion in advanced Nvidia Corp. chips into a special-purpose vehicle funded by outside investors. Reported on October 2, 2026, the deal aims to move expensive hardware off the cloud giant’s balance sheet through an asset-light operating model.

The e-commerce giant has held discussions with investors over recent weeks to gauge interest in the transaction, according to reporting cited from the Financial Times. Under the proposal, thousands of Grace Blackwell chips deployed across data centers in the United States would be transferred into a newly established special-purpose vehicle.

Investors Lease Back Chips to Amazon

Rather than holding direct ownership of the specialized hardware, Amazon plans to lease the advanced AI chips back from the newly formed entity for continued operational use. The arrangement allows the company to adopt a more asset-light financing structure while maintaining uninterrupted access to top-end computing power.

The vehicle itself would raise capital by issuing debt to outside investors. Additionally, Amazon plans to offer an equity stake of up to 10 per cent in the vehicle, indicating that the corporation will not retain any ownership interest in the entity itself.

Amazon Explores $8B Nvidia Chip Deal Via Special-Purpose Vehicle — Photo: FT

Hardware Spans Dozens of Data Centers

The proposed transaction involves hardware that was either purchased or leased by Amazon and subsequently installed across more than a dozen data centers. Market sources indicate these sites span across five states, including Nevada and Virginia.

The hardware involved centers on Nvidia’s Grace Blackwell lineup, which serves as a core component for heavy artificial intelligence workloads. Major developers, including OpenAI and Anthropic, rely on advanced semiconductor generations to train complex models, while prior generations handle standard application hosting.

Cloud Giants Seek Alternative Data Center Financing

The initiative reflects a wider push among major U.S. hyperscalers to find less balance-sheet-intensive methods for financing massive data center expansions. With capital expenditures surging, Amazon has committed to spending over $200 billion this year alone, a significant portion directed toward its Web Services cloud division for acquiring hardware and constructing facilities.

Because Amazon holds an AA credit rating and generates substantial cloud cash flow, market observers anticipate that bonds issued by the special-purpose vehicle could secure investment-grade ratings. This quality stands to attract conservative institutional buyers, including pension funds and insurance companies, marking a novel extension of GPU-backed financing models deeper into major cloud infrastructure operations.

Financing models backed by graphics processing units have previously gained traction among firms such as CoreWeave. To further lower borrowing burdens for clients, Nvidia proposed offering up to $125 billion in debt guarantees through a $500 billion financing platform developed alongside major Wall Street financial institutions.

Amazon has frequently engaged with capital markets throughout the year. The company expanded an initial corporate bond target of $37 billion up to approximately $50 billion in March to capture strong market demand.

Regulatory filings indicate that Amazon anticipates a minimum five-year operational lifespan for each deployed semiconductor generation. Amazon maintains a financial commitment of up to $83 billion directed toward Anthropic. Outside of standard operating hours, representatives for both Amazon and Nvidia did not immediately provide comments when contacted by Reuters.