NVIDIA raises more than $20 billion in its first bond sale since 2021

NVIDIA Corporation launched a corporate bond offering of more than $20 billion on June 15, 2026, its first investment-grade sale since June 2021, when it raised $5 billion. The deal drew approximately $85 billion in orders, a roughly fourfold oversubscription.

The scale of demand is the story. A chipmaker that throws off enough cash to fund itself rarely needs the bond market, and a four-times order book signals that fixed-income investors are now willing to underwrite the capital intensity of the AI buildout at long maturities.

The offering spans seven tranches, with maturities running from 2028 out to 2056, according to the company's preliminary prospectus supplement. The underwriting is led by Goldman Sachs, J.P. Morgan and Morgan Stanley, and NVIDIA's filing says the net proceeds are intended for general corporate purposes, including the repayment and refinancing of outstanding notes.

The terms here come from an unpriced preliminary filing and from people familiar with the transaction, not a priced deal: final coupons, the exact size and the tranche breakdown can move before pricing, and the $85 billion figure reflects indications of interest, not committed allocations. NVIDIA's prospectus supplement is marked "subject to completion," with the per-tranche coupons and dollar amounts left blank, and the company had not announced final pricing as of June 15.

If the deal prices near the indicated size, it would rank among the largest investment-grade offerings of the year and give NVIDIA a long-dated debt profile to match a capital-spending cycle that now stretches years out. The pricing levels, once set, will show how cheaply the market is prepared to fund the company that supplies most of the world's AI accelerators.