Amazon is reportedly negotiating a deal to transfer Nvidia AI hardware worth approximately $8 billion to a special purpose vehicle (SPV). Under this arrangement, the tech giant would lease the computing power back from the entity, which would raise external capital and debt to fund the assets.
The hardware is currently being deployed across more than 12 data centers in five US states, including Nevada and Virginia. Amazon is considering selling up to a 10% stake in the SPV to outside investors and does not intend to retain any equity in the structure itself.
This sale-and-leaseback model allows Amazon to secure external financing for its existing AI infrastructure while maintaining full operational access. The company's capital expenditures for 2026 are projected to reach approximately $220 billion, with a significant portion allocated to AWS data centers.
The broader industry is increasingly relying on SPVs to finance AI projects. In September, reports indicated that major tech firms had provided up to $300 billion in guarantees for AI infrastructure over the previous year, often utilizing these structures to manage debt outside of standard corporate balance sheets.
Nvidia is actively working with financial partners, including Apollo, BlackRock, and KKR, to mobilize over $500 billion in capital for AI infrastructure. However, lenders remain cautious, often limiting GPU amortization periods to three or four years due to concerns over rapid technological obsolescence.
