Amazon is raising C$14 billion ($10bn) through the largest-ever Canadian dollar corporate bond sale, surpassing Alphabet's C$8.5bn record set just one month prior. The deal consists of five tranches of senior unsecured notes with maturities from 3 to 30 years. Proceeds are earmarked for general corporate purposes, with AI infrastructure as the primary driver — Amazon is expected to spend close to $200 billion in 2026 on data centres, chips, and related infrastructure. This is part of a broader global debt tour: Amazon has raised over $70 billion in debt since early 2025 across US dollars, euros, Swiss francs, and now Canadian dollars. The five largest hyperscalers issued $121 billion in corporate bonds in 2025 alone, and analysts project the sector may need $230–240 billion in 2026 and up to $1.5 trillion over the coming years to fund the AI build-out.
