Nvidia has closed a $25 billion bond offering, its first return to the corporate debt market since 2021, joining what multiple outlets are calling an "AI borrowing frenzy" sweeping Wall Street.
The deal initially targeted at least $20 billion, according to Bloomberg and Reuters. Strong investor demand pushed the final figure to $25 billion, according to GuruFocus and the Financial Times. The offering drew roughly $85 billion in orders — more than three times the amount sought — according to reporting from MSN and Investing.com.
Nvidia structured the deal across seven tranches, according to MSN. The company listed the official use of proceeds as general corporate purposes, including repayment and refinancing of existing debt notes. According to Yahoo Finance, this means Nvidia is not borrowing directly for new AI capital expenditures, but freeing up cash flow for its broader AI expansion.
According to Yahoo Finance, Nvidia joins Alphabet and Oracle, which had already completed similar large bond sales. Bloomberg described the deal as Nvidia entering the "AI debt boom" on June 15, 2026.
Barron's reported that Nvidia stock initially gained on news of the offering before edging lower the following day.
One caveat worth noting: MSN raised the question of whether a wave of corporate AI borrowing — alongside a U.S. government projected to borrow roughly $2 trillion — could create a squeeze on available capital in debt markets.
The $85 billion in orders for a $25 billion ask is the clearest signal yet that bond investors see Nvidia's dominance in AI chips as a durable enough franchise to lend against at scale.