On June 15, 2026 (local time), chip giant NVIDIA completed pricing for a $25 billion investment-grade corporate bond issuance. This marks the company’s first appearance in the public bond market since raising about $5 billion in June 2021. Originally targeting around $20 billion, the offering was upsized by 25% to $25 billion due to overwhelming demand. According to Bloomberg, citing sources familiar with the matter, the deal attracted as much as $85 billion in subscription orders—more than three times the issuance size. Goldman Sachs, JPMorgan, and Morgan Stanley served as joint bookrunners for the offering.
Seven Tranches Across Seven Years: The 30-Year Bond and Its Time Horizon
NVIDIA’s bond issuance is split into seven tranches, with maturities ranging from 2 years to 30 years. According to the term sheet seen by Reuters, the longest maturity will come due in 2056. The allocation by maturity is as follows: $3.5 billion maturing in 2028, $3.5 billion in 2029, $4 billion in 2031, $3.5 billion in 2033, $4 billion in 2036, $3 billion in 2046, and $3.5 billion in 2056.
The 30-year tranche sends a clear signal. In the bond market, 30-year maturities are considered ultra-long-term financing tools, typically reserved for issuers with exceptionally high credit ratings and strong market confidence in their long-term business prospects. By extending its financing horizon to 2056, NVIDIA is essentially telling the market that the cycle for funding and building AI infrastructure will be measured in "thirty years," not three or five.
On the cost side, NVIDIA locked in favorable terms thanks to robust $85 billion demand. The 30-year bond was priced at a spread of about 65 basis points (0.65 percentage points) over U.S. Treasuries, 25 basis points tighter than initial guidance. The 10-year tranche was priced at just 50 basis points above Treasuries, below the 75 basis points initially planned. For a company returning to the market for the first time in years, these tight spreads reflect institutional investors’ strong confidence in NVIDIA’s credit profile and AI business outlook.
Why Borrow When You Don’t Need Cash? $50.3 Billion in Cash and the Logic of Capital Structure Optimization
A key question arises: Why would a company flush with cash issue $25 billion in bonds?
As of April 2026 (Q1 of fiscal 2027), NVIDIA held about $13.24 billion in cash and cash equivalents. More importantly, its operating cash flow is staggering—last quarter alone, NVIDIA generated approximately $50.3 billion from operations. For fiscal 2026, operating cash flow totaled $102.718 billion. Quarterly revenue hit $81.62 billion, up 85% year-over-year, with net profit at $58.3 billion, up 211%.
By any measure, NVIDIA faces no liquidity crisis or repayment pressure.
That’s precisely why this bond issuance follows a logic fundamentally different from traditional financing. Bloomberg Industry Research analyst Robert Schiffman noted in a client report that a relatively low-cost, long-term bond issuance helps NVIDIA reduce its weighted average cost of capital (WACC) and enhances its ability to finance strategic AI projects with partners like OpenAI, all without compromising its AA credit rating.
Weighted average cost of capital (WACC) measures the average cost a company pays for each unit of capital—covering both equity and debt financing. With an AA rating, NVIDIA can access long-term funds at extremely low rates, significantly below the cost of equity financing. By replacing or hedging some high-cost capital with low-cost debt, the company can directly boost shareholder value from a financial perspective without altering its business fundamentals.
Sources also indicate that a major goal of this bond issuance is to establish a liquid credit benchmark in the investment-grade bond market. An active credit curve means the company can access funding more quickly and cheaply in the future. This is a long-term strategic move—not borrowing reactively when cash is tight, but proactively building financing channels when market conditions are favorable.
The Grand Narrative of AI Infrastructure Financing: $236 Billion Is Just the Beginning
NVIDIA’s bond issuance is part of a broader wave of AI infrastructure financing among global tech giants.
According to Morgan Stanley, as of the end of May 2026, global AI-related bond issuance had reached $236 billion, up 357% year-over-year. April alone saw over $74 billion in new issues. Morgan Stanley’s latest report forecasts that total AI-related bond issuance could approach $570 billion for all of 2026.
In early June, Alphabet (Google’s parent company) announced an $80 billion equity financing plan to fund its AI computing infrastructure. A week earlier, Super Micro Computer unveiled plans for a $7 billion equity and equity-linked financing. Amazon raised C$14 billion in the Canadian bond market, then secured a $17.5 billion delayed-draw loan facility with Citi, JPMorgan, and others. Meta filed for up to $30 billion in bond issuance in October 2025.
Data shows that combined capital expenditures by hyperscale cloud providers are expected to rise from about $400 billion in 2025 to over $700 billion in 2026. Morgan Stanley projects this figure will surpass $1 trillion in 2027.
NVIDIA occupies a unique position in this landscape. Unlike other tech giants, NVIDIA isn’t building massive data centers—it’s the "pick-and-shovel" supplier, providing chips to those centers. The $25 billion bond offering was oversubscribed by more than three times partly because of this: investors are betting not just on NVIDIA’s chip sales, but on the sustainability of the entire AI infrastructure buildout.
From Bond Issuance to Trading: How Gate Connects Investors to AI Opportunities in U.S. Equities
The oversubscription of NVIDIA’s $25 billion bond reflects a deeper market reality: global capital is being reallocated on a massive scale to participate in the long-term construction of AI infrastructure. For individual investors, the traditional path to joining this trend involves multiple barriers—currency conversion, cross-border remittance, brokerage account setup, and account management, each step carrying time and friction costs.
On June 1, 2026, Gate officially launched real stock trading services, becoming one of the first crypto platforms to directly connect users to the U.S. equity market. As of June 2026, Gate TradFi has listed over 10,000 real stocks and ETFs, covering the New York Stock Exchange, NASDAQ, NYSE Arca, NYSE American, and BATS—five major exchanges. Additionally, on June 11, Gate launched Hong Kong stock trading, initially covering more than 1,500 Hong Kong-listed equities. Users can invest directly in core U.S. assets, including NVIDIA (NVDA), using USDT liquidity in their Gate accounts.
Gate’s real stock trading offers several key advantages:
Direct settlement with USDT. Users avoid the cumbersome process of "selling crypto assets → withdrawing fiat → cross-border remittance → funding brokerage accounts." USDT in the account can be used directly to buy U.S. stocks and ETFs, enabling seamless allocation from crypto to traditional equities.
Fractional share trading with ultra-low minimums. Investors can start with as little as 0.01 shares—just $1 to begin investing in U.S. equities. For stocks like NVIDIA, priced over $200 per share, fractional shares dramatically lower the entry barrier for individuals.
Compliant asset custody. All stock trades are executed by Alpaca, a licensed U.S. Broker-Dealer with clearing qualifications, backed by real assets independently custodied via the DTC system and covered by SIPC protection. Gate’s stocks are genuine spot assets—zero holding costs, no swap fees, no overnight fees, and dividends are automatically paid in USDT to the account.
Unified account infrastructure. U.S. and Hong Kong products share the same account system within Gate, allowing users to manage funds, monitor positions, review performance, and allocate capital across markets from a single interface. Trading fees can be as low as 0.023%.
From a timing perspective, Gate’s launch of real U.S. stock trading coincides with the explosive growth in AI-related bond issuance and sustained capital expenditure by tech giants. For investors focused on the AI value chain, managing crypto assets and U.S. equity positions on the same platform means lower trading friction and easier participation in the long-term narrative of NVIDIA’s bond financing and AI infrastructure expansion.
Conclusion
The core facts about NVIDIA’s $25 billion bond issuance are clear: this isn’t a cash-strapped company reaching out for funds, but an industry leader with robust cash flow leveraging its AA credit rating and low interest rates for proactive capital structure management. The $85 billion in subscription orders and the 30-year bond maturity both point to the market’s long-term view of AI infrastructure financing cycles—this isn’t a story of a quarter or a year, but a structural shift measured in decades.
For investors, the significance goes beyond a single company’s financial maneuver. It marks the transformation of AI from a technology narrative to a capital narrative—global tech leaders are using debt instruments as leverage to extend the AI infrastructure buildout horizon to decades. Against this backdrop, efficient trading infrastructure connecting crypto assets and U.S. equities is becoming the key channel for individual investors to participate in this long-term trend. Gate’s real stock trading service—with USDT settlement, fractional shares, and compliant custody—offers a low-friction access solution. As the AI infrastructure cycle unfolds over thirty years, the efficiency of investment tools becomes a fundamental part of investment returns.
