Nvidia plans to raise at least $20 billion（約3.2兆円） in debt—its first major bond sale since the AI boom began—as the chipmaker deploys cash to fund shareholder returns and refinance existing obligations.

What happened: Nvidia disclosed plans to raise at least $20 billion（約3.2兆円） in debt, with sources saying the sale could reach closer to $25 billion（約4兆円）. The company has roughly $7.5 billion（約1.2兆円） in long-term debt and $1 billion（約1600億円） in short-term debt. An Nvidia spokesperson said proceeds will be used for general corporate purposes, including repayment and refinancing of existing debt.

Why it matters: Nvidia's revenue has surged to $216 billion（約35兆円） in fiscal 2026, compared to about $27 billion（約4.3兆円） in fiscal 2022, driven by demand for its graphics processing units from AI companies and large cloud providers. The debt raise reflects the company's scale after this historic growth. Nvidia generated $49 billion（約7.8兆円） in free cash flow in the latest quarter and has committed to returning roughly 50% of free cash flow to shareholders this year, which includes an $80 billion（約13兆円） share buyback program announced in May.

What to watch: Nvidia's last debt raise was in 2021, when it brought in $5 billion（約8000億円） with notes maturing as late as 2031. This offering marks a shift in how the company is financing its operations and shareholder returns as it has grown substantially larger.