Financial Times says Amazon (AMZN.O) is planning to transfer roughly $8bn of
NVIDIA Grace Blackwell AI chips deployed across US data centers into a newly
formed SPV and to lease them back. The SPV would sell bonds to external
investors; Amazon has been sounding out investor interest in recent weeks. The
deal is intended to shift expensive semiconductor assets off Amazon’s balance
sheet toward a lighter-asset model; the SPV is expected to secure an
investment-grade rating given Amazon’s current AA credit rating, potentially
attracting insurers and pension funds. Amazon plans to offer the vehicle up to
10% equity and reportedly will not retain any equity stake itself.
