AMD Completes $4.75 Billion Bond Offering to Fund Expansion of AI Infrastructure

Huo Xing Finance reports that on August 14, according to Reuters, AMD completed a four-tranche U.S. dollar bond offering totaling $4.75 billion, setting a new record for the largest U.S. dollar financing in the company’s history. The offering includes senior unsecured notes maturing in 2029, 2031, 2033, and 2036. The 10-year bond was ultimately priced at a spread of 90 basis points over U.S. Treasuries, narrowing by approximately 25 basis points from initial guidance, indicating strong investor demand. AMD stated that the proceeds will be used for general corporate purposes, potentially including debt repayment. As of June 27, AMD held approximately $13.1 billion in cash and short-term investments and maintains a high investment-grade credit rating, meaning this financing was not driven by liquidity concerns but rather to enhance flexibility for future investments and capital planning. This bond issuance comes amid ongoing expansion in AI infrastructure investment. AMD is accelerating growth in its AI and data center businesses while competing with NVIDIA for market share in the AI accelerator chip segment. The company has recently announced partnerships with Anthropic, Microsoft, and others, and plans to invest up to $5 billion in Anthropic. Market analysts expect AMD’s revenue this year to grow 47% to over $51 billion. The $4.75 billion offering significantly exceeds its previous investment-grade bond issuance of $1.5 billion in March 2025, reflecting that companies across the AI supply chain are entering a phase of sustained capital expansion.