Nvidia launched a corporate bond sale on June 15, seeking to raise at least $20 billion in a seven-tranche offering, which strong investor demand has increased to over $25 billion [1, 2, 3, 4]. The bonds mature between two and 30 years, with yields varying by tranche [1, 2, 3].
This marks Nvidia's first bond offering since June 2021, when it raised $5 billion [1, 2, 3, 4]. Prior to the new issuance, Nvidia's outstanding debt was about $8.5 billion. The new bonds would raise total debt to roughly $30 billion [2, 4].
Goldman Sachs, JPMorgan Chase, and Morgan Stanley are managing the offering [1, 3]. Proceeds will fund general corporate purposes including repaying and refinancing existing notes [1, 2, 3, 4].
Bond yields reflect strong demand. The 10-year tranche’s spread tightened substantially, expected to be about 0.5 percentage points above U.S. Treasuries, down from an initial 0.75 points [2]. The longest maturity tranche is priced near 0.9 points above Treasuries [1, 3].
Lauren Wagandt, portfolio manager at T Rowe Price, said, “It’s a very high-quality company at the end of the day. And it doesn’t come to the market as often as the other tech names” [2].
Nvidia’s revenue has surged from roughly $27 billion in fiscal 2022 to $216 billion in fiscal 2026 [4]. The company recently unveiled an aggressive capital return program including raising its dividend from $0.01 to $0.25 per share and an $80 billion share repurchase plan announced last month [4].
This bond sale follows Nvidia’s announcement in May 2026 of its dividend increase and share buyback [4].
