Amazon (AMZN) launched a $25 billion bond sale on Monday, an eight-part senior unsecured note offering spanning maturities from three to 40 years, managed by Barclays, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. The fresh capital will push Amazon's total debt issuance over the past twelve months to roughly $107 billion, the highest among Big Tech peers. Amazon told underwriters it does not plan to issue additional debt this year. The company's long-term debt climbed to $119.1 billion as of March 31, 2026, nearly double the $65.6 billion recorded at the end of 2025. Investor demand settled around $41 billion—about 1.6 times the size of the offering—below the roughly four-times oversubscription rate that U.S. investment-grade corporate bonds have averaged this year. Globally, AI-related bond issuance has ballooned to approximately $335 billion in 2026, more than double the total for all of 2025. Amazon's year-to-date bond fundraising would reach at least $89 billion including this transaction. The borrowing spree is a direct consequence of Amazon's capital expenditure trajectory, with the company guiding for approximately $200 billion in capex this year, up from roughly $131 billion in 2025, flowing into data centers, custom AI silicon, and equipment for Amazon Web Services (AWS). AWS generated 59% of Amazon's total operating profit in the first quarter while