Amazon is discussing a plan to transfer about $8 billion worth of Nvidia Grace Blackwell chips to a special purpose vehicle (SPV), then lease them back for its U.S. data centers. The arrangement would move the costly chips off Amazon’s balance sheet and support a more asset-light approach to AI infrastructure investment.
The SPV would acquire the chips and raise capital from outside investors by issuing debt. Amazon would hold no stake in the entity; the proposal would offer other investors an equity stake of up to 10%.
The discussions come as major technology companies explore financing methods to fund the high costs of expanding their AI capabilities.