Chip giant Nvidia sold $25 billion in investment-grade bonds on June 15, 2026, its first bond offering since June 2021, drawing investor orders of more than $85 billion — over three times the deal size.
June 15, 2026 · Nvidia
Nvidia Returns to the Bond Market With a $25 Billion Jumbo Deal
In its first debt offering in roughly five years, the chipmaker drew more than $85 billion in orders — over three times oversubscribed — and upsized the sale from a $20 billion target to $25 billion, its largest debt deal ever.
$25B
Total raised across 7 tranches
$85B+
Investor orders — 3×+ oversubscribed
5 yrs
Since its last bond sale in June 2021
2021 vs 2026: how far the deal has grown
Total issuance size, drawn to scale
5× larger — the biggest chipmaker offering in the 2026 U.S. investment-grade market.
Terms side by side
2021 Issuance
Maturities 2023–2031 0.309% – 2.000% Several
2026 Issuance
Maturities 2028–2056 ~4.25% – 5.625% 7
Spreads over Treasuries priced notably tight — a signal of strong market confidence in Nvidia's creditworthiness.
Bullish read
A vote of confidence in AI infrastructure — locking in cheap capital to accelerate the AI spending race and set a credit benchmark.
The skeptics ask
Why borrow at all? With free cash flow above $20 billion, some question why a cash-rich firm isn't favoring buybacks or dividends.
Nvidia joins Alphabet, Amazon, Meta and Oracle in an AI borrowing frenzy — big tech tapping the bond market at scale to fund the data-center buildout behind the AI boom.
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