Amazon issued $54 billion in corporate paper in March 2026 and a $25 billion investment-grade offering in July, increasing its long-term debt to $119.1 billion from $65.6 billion at year-end 2025. This debt financing supports a $147.3 billion trailing twelve-month property and equipment purchase, with $44.2 billion deployed in Q1 2026 alone, up 77%. The company's proprietary silicon, including Graviton, Trainium, and Nitro families, reached a $20 billion annualized run rate, with Anthropic securing up to five gigawatts of Trainium capacity.
Amazon's reliance on debt for AI infrastructure shifts capital allocation, making its balance sheet the primary funding mechanism for compute capacity.