Amazon.com Inc. is seeking to raise at least $7 billion from investment-grade bonds denominated in Canadian dollars, as major U.S. cloud computing companies look beyond their home market to fund artificial intelligence spending.
The debut offering could reach as much as $10 billion, though no final decision has been made on the size of the deal, according to people familiar with the matter who asked not to be identified because discussions are private.
AI Infrastructure Spending Drives Global Debt Markets
The cloud-computing giants at the center of the AI boom are scouring global debt markets for funding as they plan to invest hundreds of billions of dollars on data centers, chips, and other infrastructure. Amazon, which is expected to spend almost US$200 billion this year, has already raised more than US$70 billion of debt since last year, including from a euro-denominated bond sale in March.
Amazon is offering senior unsecured notes in five parts, with maturities ranging from three to 30 years, the people said. Initial price talk on the longest tenor is about 1.15 percentage points above the benchmark.
Market Context and Similar Deals
The move comes about one month after Alphabet Inc. raised $8.5 billion from a four-part bond sale in Canadian dollars, marking the largest-ever corporate offering in the currency. Bloomberg Intelligence analysts Robert Schiffman and Alex Reid noted in a report that accessing Canada's market after Alphabet's recent deal suggests more borrowing in alternative currencies or equity as data-capacity spending accelerates.
"The firm's return to the bond market suggests its AI investment is on a trajectory in 2027 that's meaningfully higher than the US$200 billion anticipated in 2026," they said.
Amazon and the banks running the deal—JPMorgan Chase & Co., Royal Bank of Canada, Bank of Nova Scotia, and Toronto-Dominion Bank—did not immediately respond to requests for comment.
