Amazon plans to raise at least $25 billion in a multi-tranche U.S. dollar bond offering to help fund its expanding artificial intelligence investments, Bloomberg reported Tuesday, citing people familiar with the matter.

The size of the sale could grow if investor demand exceeds expectations, although no final decision has been made.

The bond sale will include up to eight tranches with maturities spanning three to 40 years, with the longest 2066 notes initially offered at a spread of roughly 1.45 percentage points over Treasuries. Barclays, Goldman Sachs, JPMorgan Chase and Morgan Stanley are leading the transaction.

According to the people, the proceeds will support general corporate purposes, including debt refinancing, acquisitions and capital spending. The offering follows a string of large debt issuances by hyperscalers seeking to finance massive AI infrastructure buildouts, which have attracted strong investor interest.