Amazon’s debt nearly doubles to $129B amid $220B data center spending spree

Amazon’s long-term debt has ballooned to roughly $128.9 billion, nearly doubling from around $65 billion. The cause: a capital expenditure spree that CEO Andy Jassy insists is not optional but necessary to keep AWS ahead in the AI arms race. The company recently raised its 2026 capex guidance to $220 billion, up from an already eye-popping $200 billion target. A $25 billion bond issuance helped fund the expansion. Why Jassy is betting the balance sheet AWS reported Q2 2025 revenue of $129 billion, reflecting 20% year-over-year growth. Jassy has framed the spending as a response to “sustained customer demands” for AWS services. Amazon isn’t alone in this race. Microsoft, Google, and Meta are all throwing staggering sums at data center buildouts. The crypto angle hiding in plain sight Cipher Mining recently signed a $5.5 billion, 15-year agreement with AWS to supply 300 MW of AI-ready power, with operations expected to begin in 2026. That’s a Bitcoin miner essentially becoming a power and infrastructure landlord for one of the world’s largest cloud providers. The deal reflects a broader trend: miners are sitting on exactly what hyperscalers need most, which is permitted power capacit...