Amazon has arranged a $17.5 billion delayed-draw term loan, pushing its total outstanding borrowing past $225 billion.
Citigroup is leading the deal, with JPMorgan Chase, Bank of America, HSBC, and Wells Fargo among the syndicate. Amazon can draw on the funds through the end of September; each draw carries a three-year repayment window. The delayed-draw structure means Amazon only accesses the capital as it needs it, rather than taking the full amount at once and paying interest on idle cash.
The number worth sitting with is $225 billion in total debt, not $17.5 billion. AWS generates significant operating profit, yet the AI infrastructure buildout is apparently outpacing what that cash flow can comfortably fund. Data centers, chips, and power contracts at this scale cost more than any prior Amazon buildout, and debt is filling the gap.
Whether demand for AI compute materializes fast enough to service that debt is the question every Amazon analyst is now quietly asking.