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Amazon is reportedly exploring—not completing—an $8 billion financing deal involving Nvidia chips: the proposed structure would transfer the chips to a special-purpose vehicle (SPV), raise debt from outside investors, and lease the chips back to Amazon. Reuters reported the proposal on October 2, 2026, citing the Financial Times and people familiar with the matter; the report does not establish that a deal has closed or been officially confirmed.

What Amazon is reportedly considering

According to Reuters’ October 2, 2026 report, which cited the Financial Times and people familiar with the matter, Amazon had spoken with investors in recent weeks to gauge interest in a proposed transaction involving about $8 billion worth of Nvidia chips.

  1. Amazon would transfer the chips to an SPV, a separate entity created to hold assets or carry out a financing.
  2. The SPV would seek debt financing from outside investors.
  3. Amazon would lease the chips back for its use.
  4. The report says Amazon may offer investors up to a 10% equity stake in the SPV.

The reported aim is to make Amazon’s balance sheet more asset-light. That is the purpose attributed to the proposal in the report, not a separately announced Amazon policy or a confirmed outcome.

Which chips and data centers are involved?

The reported assets are thousands of Nvidia Grace Blackwell chips, which Amazon had bought or leased and which are installed at more than a dozen U.S. data centers across five states, including Nevada and Virginia. Reuters did not provide an exact chip count or the complete list of states. The report also does not establish that every site is an AWS facility.

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How a sale-and-leaseback differs from owning or borrowing

In ordinary ownership, Amazon would retain the chips as assets. With a direct loan, Amazon would borrow while retaining ownership of the collateral, subject to the loan’s terms. In the reported proposal, the chips would move to an SPV and be leased back, while outside investors would provide debt to that vehicle. The report also says an equity stake could be offered.

This outline does not establish the final ownership, lease obligations, or financing terms. It also is not enough to determine the accounting, tax, or balance-sheet treatment; those would depend on final contracts and applicable analysis.

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What is known—and what remains unsettled

Item What the October 2 report says What is not established
Status Amazon was gauging investor interest in a proposal. Whether the transaction closed or received official confirmation.
Asset value About $8 billion of Nvidia chips. The final valuation.
SPV financing The vehicle would seek debt from outside investors; up to 10% equity could be offered. Investor identities, debt interest rate and maturity, and final equity terms.
Leaseback Amazon would lease the chips back. Lease duration and payment terms.
Equipment footprint Thousands of Grace Blackwell chips at more than a dozen U.S. data centers in five states, including Nevada and Virginia. Exact chip count and full state list.
Accounting Not stated in the Reuters report. How the completed arrangement, if any, would be treated in Amazon’s accounts.

Reuters said Amazon and Nvidia had not immediately responded for comment outside regular business hours. No named company statement about the proposed SPV transaction was included in the reporting.

Why the proposal is notable amid Amazon’s AI expansion

The financing proposal is separate from Amazon’s public plans to expand its Nvidia infrastructure. In an August 26, 2026 announcement, AWS said it plans to deploy two million additional Nvidia GPUs across its global infrastructure in 2027–2028. That planned deployment provides context for Amazon’s continued infrastructure expansion; it does not verify the reported sale-and-leaseback.

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The same announcement described broader work on AI factories, CPUs, networking, open models, data processing, and robotics. AWS CEO Matt Garman said customers want the freedom to choose tools for their AI workloads and confidence that those tools work together. Nvidia CEO Jensen Huang said demand was running ahead of forecasts. Those remarks concerned the wider AWS–Nvidia collaboration, not the proposed financing.

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Amazon’s own chips are a separate story

Amazon CEO Andy Jassy’s published Q1 2026 earnings-call comments discussed Amazon’s silicon business, including Trainium and Graviton—not the Nvidia Grace Blackwell chips in the reported proposal. Amazon published Jassy’s comments and figures in its accounts of the Q1 2026 results and 2026 shareholder letter.

  • Jassy said Amazon’s chips business grew nearly 40% quarter over quarter in Q1 2026.
  • He put the business at more than $20 billion in annual revenue run rate.
  • He described about $50 billion in annual revenue run rate as a hypothetical standalone case in which the business sold chips produced that year to AWS and third parties; this was not reported actual revenue.
  • He said Trainium2 offered about 30% better price-performance than comparable GPUs.

These are figures attributed to Jassy by Amazon, not independent verification of financial results. They do not establish why Amazon might pursue the separate Nvidia-chip financing proposal.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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