Amazon Considers $8B Sale-Leaseback of NVIDIA Grace Blackwell AI Chips via SPV
Amazon is reportedly seeking to offload approximately $8 billion worth of NVIDIA Grace Blackwell AI chips into a Special Purpose Vehicle (SPV) and lease them back. The proposed transaction involves raising external capital by issuing equity and bonds through the newly formed entity. This sale-and-leaseback financial structure allows Amazon to expand its AI compute capacity while easing debt pressures on its balance sheet. It highlights an emerging trend among tech hyperscalers using off-balance-sheet financing to sustain massive AI infrastructure expenditures. The targeted chips are deployed across more than 10 data centers in five U.S. states. The SPV is expected to achieve an investment-grade credit rating to attract institutional investors.
## BACKGROUND
NVIDIA Grace Blackwell architecture integrates Grace CPUs and Blackwell GPUs into high-performance compute modules designed for demanding AI workloads. To finance multi-billion-dollar hardware acquisitions without overwhelming company balance sheets, cloud providers use Special Purpose Vehicles (SPVs), which isolate financial risk into a separate legal entity.