Amazon was reported on October 2, 2026, to have discussed with investors, in the preceding weeks, a proposed financing structure for about $8 billion in Nvidia Grace Blackwell chips. The plan would place thousands of chips in a debt-financed vehicle and lease them back to Amazon for use in U.S. data centers.
How the proposed structure would work
A special-purpose vehicle (SPV) is a separate entity created to hold assets or raise financing. Under the proposal, an SPV would seek outside debt financing, hold the chips and lease them to Amazon. The arrangement would shift some chip financing away from Amazon’s balance sheet while allowing the company to keep using the hardware under a lease.
The chips involved were reported to have already been bought or leased by Amazon and installed in more than a dozen data centers across five states, including Nevada and Virginia.
What outside investors could receive
Outside investors could be offered up to 10% equity in the proposed SPV. The approximately $8 billion figure refers to the reported value of the proposed chip transaction.
Amazon’s capital expenditures were forecast to exceed $200 billion in 2026, with a substantial portion expected to go to Amazon Web Services (AWS) for chips and data centers.
As of October 2, 2026, the structure was still a proposal following investor discussions in the preceding weeks.
