(Bloomberg) — Amazon.com Inc. has begun the sale of its first Swiss franc bonds as it looks to raise a record six-part deal in the currency.
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The company is selling debt due in three, six, nine, 12, 18 and 25-years, according to a person familiar with the matter who asked not to be identified.
It’s the latest in a series of jumbo bond sales by US cloud computing firms known as hyperscalers, as they pour hundreds of billions of dollars into AI infrastructure. Investors have so far been eager buyers, placing orders several times the size of recent offerings.
The borrowing-binge has seen the tech companies diversify beyond dollar debt. Google parent company Alphabet Inc. raised about 3 billion Swiss francs ($3.9 billion) in February, the most on record by a corporate borrower, while Amazon’s own debut euro bond in March was the biggest ever in that currency.
Between them, Amazon, Microsoft Corp., Alphabet, Meta Platforms Inc. and Oracle have forecast capital expenditures of about $725 billion in 2026. Seattle-based Amazon alone plans to spend $200 billion this year on data centers, chips and other equipment.
Amazon raised $54 billion in March, across US and European debt markets, garnering near-record demand even as concerns about the fallout of the US-Iran war rattled markets. It was preceded by Alphabet, which priced about $32 billion in dollar and euro notes in February, while Oracle Corp. raised $25 billion from a bond sale that attracted a record $129 billion of orders at its peak.
While the bond sales have been enthusiastically received, some investors are becoming concerned that the deluge of spending on AI may not pay off. Those worries were underscored late last month when data-center linked US corporate debt fell following a report that OpenAI had missed its own targets for users and sales.
Amazon’s cloud unit posted its fastest quarterly growth in more than three years, but capital spending of $44.2 billion to support that effort was more than analysts were expecting, a sign that build-out costs are higher than anticipated.
BNP Paribas SA, Deutsche Bank AG and JPMorgan Chase & Co. are managing Amazon’s Swiss franc transaction. It is expected to price later on Tuesday.
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