Nvidia priced $25 billion of investment-grade senior notes in seven tranches maturing from 2028 to 2056, its largest bond sale since 2021. The proceeds will fund general corporate purposes, including repayment of $1 billion 3.20% notes due in September, following S&P’s upgrade to AA with a stable outlook.
On June 15, Nvidia priced $25 billion of investment-grade senior notes across seven maturities from 2028 to 2056, marking its largest issuance since 2021. The 4.50% 2031 tranche held at T+35, while the 4.95% 2036 and 5.625% 2056 notes widened 3–4 basis points from initial spreads of T+50 and T+65.
S&P Global Ratings raised Nvidia’s long-term credit rating to AA from AA- with a stable outlook on June 11, citing AI-driven growth that exceeds baseline projections. Moody’s had previously upgraded Nvidia to Aa1 with a positive outlook in January, reflecting its dominant position in AI infrastructure.
Proceeds will fund general corporate purposes, including repayment and refinancing of outstanding debt such as $1 billion of 3.20% notes due in September. The new liquidity addresses Nvidia’s rapid AI infrastructure expansion and strengthens its financial flexibility.
