Amazon has approached outside investors about transferring roughly $8 billion in Nvidia Grace Blackwell chips into a special-purpose vehicle, as the company prepares to raise prices for a cloud service that gives customers reserved access to Nvidia hardware.
Under the proposed arrangement, the vehicle would be funded through debt sold to outside investors. Amazon would retain an equity interest of as much as 10%. It was not known whether an agreement has been finalised or which investors Amazon has approached.
The company has also announced a roughly 15% increase in prices for its EC2 Capacity Blocks for ML service. The updated rates take effect next week. The service allows customers to reserve Nvidia chips spanning the older A100 and the newer B300.
Amazon lists its p5.48xlarge instance, which uses eight Nvidia H100 chips, at $41.528 per hour in major U.S. regions. Its pricing page says current rates are scheduled to be updated next in October 2026.
The prospective chip transaction would give Amazon a way to keep an equity position in the vehicle while outside investors provide debt financing for the hardware. The company is seeking the arrangement while its spending on infrastructure is rising sharply. Amazon's capital expenditure budget for 2025 was $131 billion, and its capital expenditure budget for 2026 is set at $200 billion.
Amazon has also recently turned to debt markets. It entered into a $17.5 billion term loan in June and raised £4.25 billion through a debut sterling bond offering last week.
The Grace Blackwell chips at the centre of the proposed transaction are already operating at facilities across five U.S. states, including Nevada and Virginia. Amazon has more than a dozen such sites in total.
The price increase will raise costs for customers reserving access to Amazon's Nvidia-based capacity blocks. The possible financing structure would also leave outside investors exposed to the performance of infrastructure supporting Amazon's AI services, while Amazon would keep an equity stake of as much as 10%.
The information available does not identify the reasons for the roughly 15% increase, its effect on Amazon's customer base, or whether opposition to data-centre expansion has influenced the financing strategy. Amazon and Nvidia did not respond to requests for comment, according to Reuters.
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