Amazon plans to move approximately $8 billion worth of advanced Nvidia chips off its balance sheet through a special-purpose vehicle (SPV) funded by external investors. The chips include thousands of Grace Blackwell GPUs already deployed in Amazon’s U.S. data centers.
Under the sale-and-leaseback arrangement, Amazon would continue using the hardware for AWS cloud services while shifting to a more asset-light model. The SPV is expected to raise capital by issuing debt and may sell up to a 10% equity stake. The financing could help Amazon manage the rising costs of its AI infrastructure buildout.