Amazon is exploring a deal to move about $8 billion worth of Nvidia’s advanced Grace Blackwell AI chips into a special-purpose vehicle, according to the Financial Times as reported by Reuters. The proposed structure would allow Amazon to continue using the chips while shifting ownership of the hardware to a separate investment vehicle.
Under the reported arrangement, thousands of Grace Blackwell chips being deployed in U.S. data centers would be transferred to the special-purpose vehicle, or SPV. Amazon would then lease the chips back from the vehicle.
The SPV would seek financing from outside investors through debt issuance. Amazon could also offer investors an equity stake of up to 10% in the vehicle, according to the Financial Times report cited by Reuters. The discussions are ongoing and the structure could change.
The chips involved in the proposed transaction were purchased or leased by Amazon and are already installed across more than a dozen U.S. data centers in five states, including Nevada and Virginia.
The proposed deal reflects the growing financing challenge created by the rapid expansion of AI infrastructure. Amazon is planning substantial spending on data centers and advanced chips, and a sale-and-leaseback structure could give the company a more asset-light way to finance part of that expansion.
Amazon and Nvidia did not immediately respond to Reuters’ requests for comment outside regular business hours. The reported transaction has not been announced as completed.
HOW THE PROPOSED DEAL WOULD WORK
Amazon transfers approximately $8 billion of Nvidia Grace Blackwell chips to an SPV.
The SPV raises financing from outside investors, including through debt issuance.
Amazon leases the chips back and continues using them in its data centers.
Amazon could offer investors up to a 10% equity stake in the vehicle.
The proposed structure could reduce the amount of chip assets held directly by Amazon.
KEY DETAILS
⦁ Estimated chip value: About $8 billion
⦁ Hardware: Nvidia Grace Blackwell AI chips
⦁ Structure: Special-purpose vehicle (SPV) and leaseback
⦁ Deployment: More than a dozen U.S. data centers
⦁ States mentioned: Nevada and Virginia, among others
⦁ Possible Amazon equity stake: Up to 10%
⦁ Status: Proposed; discussions with investors are ongoing
WHY IT MATTERS
⦁ AI data centers require very large upfront investments in chips, power and supporting infrastructure.
⦁ A leaseback can allow a company to keep using expensive equipment while obtaining financing from external investors.
⦁ The proposal highlights how major technology companies are developing alternative financing structures for the AI infrastructure build-out.
⦁ If completed, the transaction could provide Amazon with another way to manage the financial burden of its rapid AI expansion.
– Hurma Khan
SOURCES
⦁ Reuters “Amazon seeks to offload $8 billion of Nvidia chips to investors, FT reports,” October 2, 2026.-
⦁ Financial Times“Amazon seeks to offload $8bn of Nvidia chips to investors,” October 2, 2026.