Amazon raises £4.25 billion in debut sterling bond sale

Amazon raised £4.25 billion, or about $5.76 billion, in its first-ever sterling bond sale, according to a Reuters report on September 9, 2026. The deal priced slightly larger than initially planned across four tranches with maturities ranging from 3 to 19 years. Final investor demand exceeded £10.65 billion, representing roughly 2.5 times the amount raised.

The reception was lower than the demand Alphabet saw for its sterling debut in February and below the roughly 3.5 times coverage Alphabet drew in a recent euro bond sale. Analysts noted the difference suggests hyperscaler borrowing may be starting to test the limits of investor appetite. The European Central Bank has also warned that aggressive borrowing by hyperscalers could crowd out other companies in credit markets and lift funding costs.

The proceeds add sterling financing to Amazon's existing debt in US dollars, euros, Swiss francs, and yen. The fresh capital supports AWS, which grew revenue by 36.7% year over year in the second quarter, marking its fastest pace in 18 quarters. The business needs funding for data centers and computing capacity as demand for AI infrastructure accelerates.

The debt issuance comes as Amazon faces heavier cash outflows. The company reported a trailing free-cash-flow outflow of $7.6 billion and expects capital expenditures of roughly $220 billion in 2026. The borrowing adds interest and refinancing obligations as Amazon competes with Alphabet, Microsoft, and other technology peers for capital to finance AI infrastructure.