Amazon raises £4.25 billion in debut sterling bond offering for AI infrastructure
On September 9, 2026, Amazon raised £4.25 billion ($5.76 billion) through its first-ever sterling-denominated bond sale to fund artificial intelligence (AI) infrastructure development. The offering attracted total orders of £10.65 billion before spreads were tightened by banks, with yields ranging from 5.2% on the three-year tranche to 6.7% for the longest-dated issue maturing in nineteen years. The bond was managed by JPMorgan Chase, Barclays, HSBC, and NatWest. Investor demand covered the offering about 2.5 times—significantly lower than Alphabet’s recent £5.5 billion sterling debt sale—which has raised concerns among analysts like Gordon Shannon of TwentyFour Asset Management regarding growing saturation in hyperscaler borrowing. Amazon is expanding its global bond issuance strategy beyond U.S. dollars, having already tapped the euro, Swiss franc, and Canadian dollar markets earlier this year. The company leads all hyperscalers in 2026 debt sales with nearly $100 billion raised so far, as major tech firms collectively issue over $200 billion in bonds to fund AI infrastructure.
Topics: AI infrastructure funding bond issuance hyperscaler debt markets