Amazon.com Inc.

has kicked off what is likely to be one of the

biggest corporate bond offerings ever

, in the latest

blockbuster fundraising

to pay for the

artificial intelligence

boom.

The

tech giant

is targeting the equivalent of about US$37 billion to US$42 billion in a cross-Atlantic offering in dollars and euros, according to people with knowledge of the matter.

The company is

marketing U.S. high-grade debt

in as many as 11 tranches, ranging from two to 50 years, and it seeks to raise US$25 billion to US$30 billion, the people said, asking not to be identified because discussions are private. Initial price discussions for the longest portion of that offering — a note maturing in 2076 — involve a yield of about 1.55 percentage points more than Treasuries, one of the people said.

Amazon also targets raising as much as about US$11.6 billion from a potential eight-part debut euro bond sale with maturities of two to 38 years slated for as early as Wednesday. It would be the most tranches sold by a company in the region.

Representatives for Goldman Sachs Group Inc., JPMorgan Chase & Co.. and Citigroup Inc., among the banks managing Amazon’s dollar-bond offering, declined to comment. HSBC Holdings PLC, which is also on the deal, didn’t immediately respond to a comment request. In a reply, Amazon pointed to a Securities and Exchange Commission filing Tuesday for the deal.

Amazon’s strong credit profile means its debt sale can’t be seen as representative of broader credit-market demand as geopolitical uncertainty continues to be the main factor weighing on markets, said Slawomir Soroczynski, head of fixed income at Crown Agents Investment Management.

The sale is the latest in a series of

jumbo note offerings by hyperscalers

as they plan to invest hundreds of billions of dollars in AI infrastructure. Alphabet Inc. raised roughly US$32 billion in U.S. and European high-grade bond markets last month while Oracle Corp. priced US$25 billion of dollar notes.

Amazon’s latest offering comes at a time when equity investors have grown more worried that the company’s massive spending in AI may not pay off. The company last month said it would invest about US$200 billion in data centres, chips and other equipment in 2026, topping analysts’ estimates.

The company — along with Alphabet, Meta Platforms Inc., Oracle and Microsoft Corp. — have forecast capital expenditures of about US$650 billion in 2026. In contrast, 21 companies including the largest U.S.-based automakers, Exxon Mobil Corp. and Walmart Inc. are projected to spend a combined US$180 billion, according to estimates compiled by Bloomberg in February.

—With assistance from John McCrank, Abraham Gonzalez and Davide Barbuscia.

Bloomberg.com

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