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Physix Frontier · News Briefing Card (IT Home · Oct 3, 2026)

Amazon to Spin Off $8B Nvidia Chips Into Leaseback

KEY FACTS

  • Amazon plans to move roughly $8 billion worth of Nvidia Grace Blackwell chips into a special purpose entity.
  • Amazon would then lease those chips back from the special purpose entity to keep using them.
  • The chips are spread across more than ten data centers in five US states.
  • The SPV is expected to obtain an investment-grade credit rating and to sell shares and issue bonds to outside investors.
  • Amazon is using the move to ease the debt pressure from its AI infrastructure spending.

KEY DATA

About $8 billionChip Value
About 53.715 billion yuanIn RMB
5States Involved
More than tenData Centers Involved

PHYSIX OBSERVATION

Putting the chips into an SPV and then leasing them back is essentially moving heavy assets off the balance sheet and using outside capital to spread the cost of the AI arms race. It reflects the capital strain on a single cloud vendor, and it could become a new financing template for the industry. But whether the ratings and rents hold up depends on how fast the chips depreciate and whether compute demand persists; the risk has not disappeared, it has just changed hands.

Source: IT Home report