Amazon reportedly considers Nvidia chip leaseback deal

The reported plan would move thousands of Nvidia Grace Blackwell chips, valued at about $8 billion, into a special-purpose vehicle.[1] Amazon would then lease the chips back.[1] Reuters reported that Amazon was seeking to offload about $8 billion of advanced Nvidia chips to investors through a new vehicle, with the purpose of strengthening its balance sheet.[2] Amazon would lease the chips back after moving them into the vehicle.[1]

Amazon would offer up to 10% equity in the vehicle, with outside investors funding the rest through debt, according to the reported terms.[1] The reported transaction is about $8 billion, while Amazon’s cash capital expenditure was $53.1 billion in the second quarter.[1] Amazon’s 2026 estimate rose to about $220 billion, and the vehicle’s value is roughly 3.6% of that estimate.[1] The vehicle is roughly 3.6% of Amazon’s 2026 estimate.[1]

The Terminal says its account of the transaction terms is based on the Financial Times report as relayed by Reuters.[1] The Financial Times report was dated October 1, 2026.[1] Amazon and Nvidia did not immediately respond to Reuters for comment, and neither company had confirmed the reported transaction.[1] That distinction matters for planning: the reported structure and figures describe talks, not a completed financing or a publicly confirmed agreement. Professionals assessing the story should separate the reported proposal from confirmed changes to Amazon’s data-center assets or funding.

The report does not establish whether the discussions will lead to a transaction, or whether investors would commit the debt financing described.[1] If a deal is confirmed, professionals can look for details on the final ownership split, lease terms and any effect on Amazon’s spending plans; those terms are not established in the available reporting. Amazon’s proposed equity contribution is capped at up to 10% in the reported structure, while outside investors would fund the rest through debt.[1] Until the companies confirm an agreement, the proposal is best treated as a financing option under discussion, rather than a completed change.