Amazon is exploring a financing structure that could move roughly $8 billion of Nvidia artificial-intelligence chips into a special-purpose vehicle backed by outside investors, according to the Financial Times.
Reuters separately reported that the proposed vehicle would hold thousands of Nvidia Grace Blackwell chips already installed or being installed in more than a dozen U.S. data centers. Amazon would then lease the hardware back from the vehicle.
AI infrastructure costs are reshaping financing
The proposal reflects the enormous capital required to build AI computing capacity. Amazon is expected to spend heavily on data centers, networking and chips as AWS expands services for customers training and running large AI models.
Under the reported structure, the special-purpose vehicle would raise debt from investors. Amazon could also offer an equity stake of up to 10% in the vehicle while avoiding direct ownership of the chips on its own balance sheet.
Asset-light approach could preserve flexibility
A leaseback structure can reduce the amount of expensive hardware carried directly on a company’s balance sheet, although it also creates long-term lease obligations. The economics depend on financing costs, chip depreciation and the useful life of the hardware.
The reported plan comes as hyperscale cloud companies use increasingly complex funding methods to support AI expansion. Rising bond yields have increased the cost of borrowing, making alternative structures more attractive for companies committing tens of billions of dollars to new infrastructure.
Amazon and Nvidia did not immediately comment on the Financial Times report. That means the structure should be treated as a proposal under discussion rather than a completed transaction.
Sources: Financial Times, Oct. 2, 2026; Reuters; public Amazon capital-spending disclosures.
