Nvidia plans $25B bond sale, its first in five years
The chipmaker's massive debt offering drew $85 billion in early orders as tech giants race to fund AI infrastructure
NVIDIA Corporation (NVDA) price
Full chart and statsLoading chart…
- Last close
- $214
- Close-to-close change
- −0.8%
- Market cap
- $5.1T (shares as of 2026-08-21)
- P/E (trailing)
- 27.0 (EPS to 2026-07-26)
- Annual revenue
- $215.9B USD (FY ended 2026-01-25) 10-K
- Annual revenue growth
- +65.5% (FY ended 2026-01-25 vs FY ended 2025-01-26) 10-K
- Annual net income
- 120,067,000,000 USD (FY ended 2026-01-25, attributable to the company) 10-K
- Annual operating margin
- 60.4% (FY ended 2026-01-25)
- Forward P/E
- Unavailable: no dated forecast source
Gloria daily close for session Oct 29, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.
NVIDIA Corporation and its peers
| Company | Price | Market cap | P/E (trailing) | Forward P/E | Annual revenue (USD) | Annual revenue growth | Annual net income (USD) | Operating margin |
|---|---|---|---|---|---|---|---|---|
|
|
$214 | $5.1T | 27.0 | Unavailable | $215.9BFY ended 2026-01-25 · 10-K | +65.5%FY ended 2026-01-25 vs 2025-01-26 · 10-K | 120,067,000,000FY ended 2026-01-25, attributable to the company · 10-K | 60.4%FY ended 2026-01-25 |
|
|
$345 | $1.6T | 44.0 | Unavailable | $63.9BFY ended 2025-11-02 · 10-K | +23.9%FY ended 2025-11-02 vs 2024-11-03 · 10-K | 23,126,000,000FY ended 2025-11-02, consolidated · 10-K | 39.9%FY ended 2025-11-02 |
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|
$934 | $1.1T | 12.6 | Unavailable | $133.2BFY ended 2026-09-03 · 10-K | +256.3%FY ended 2026-09-03 vs 2025-08-28 · 10-K | 84,969,000,000FY ended 2026-09-03, attributable to the company · 10-K | 74.6%FY ended 2026-09-03 |
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|
$566 | $924.7B | 145.2 | Unavailable | $34.6BFY ended 2025-12-27 · 10-K | +34.3%FY ended 2025-12-27 vs 2024-12-28 · 10-K | 4,335,000,000FY ended 2025-12-27, attributable to the company · 10-K | 10.7%FY ended 2025-12-27 |
Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.
Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 29, 2026, 1:52 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.
Token vs underlying stock
Current comparison for NVDA. Historical observations may postdate this article.
NVDAx token unit vs NVDA share · USD
-2.5% over displayed period
● NVDAx token┄ NVDA stock: $213.66
Source: CoinGecko + Gloria · Retrieved Oct 30, 04:15 UTC
Methodology and data
Split-adjusted regular-session stock closes from the existing Gloria shared history, paired only with an observed token price within 45 minutes of 16:00 New York time. Up to 60 matched sessions. No interpolation or missing-date fill. Weekends and known early closes are omitted. Token units are not adjusted for issuer multipliers or dividend treatment. This compares quoted prices, not fair value, executable premiums or arbitrage returns. Solid line: token. Dashed line: stock. Exact quote times and values appear below. Historical observations. Retrieval refers to the token source. Token quote times use UTC. The fixed cohort shows its oldest member fetch.
| Date (UTC) | Token (USD) | Stock close (USD) | Token quote (UTC) |
|---|---|---|---|
| 2026-08-06 | 219.15 | 218.99 | 2026-08-06 20:00 |
| 2026-08-07 | 223.93 | 223.96 | 2026-08-07 20:00 |
| 2026-08-10 | 217.66 | 217.55 | 2026-08-10 20:00 |
| 2026-08-11 | 217.53 | 217.50 | 2026-08-11 20:00 |
| 2026-08-12 | 224.12 | 224.09 | 2026-08-12 20:00 |
| 2026-08-13 | 225.42 | 225.30 | 2026-08-13 20:00 |
| 2026-08-14 | 225.34 | 225.16 | 2026-08-14 20:00 |
| 2026-08-17 | 225.13 | 225.01 | 2026-08-17 20:00 |
| 2026-08-18 | 219.70 | 219.74 | 2026-08-18 20:00 |
| 2026-08-19 | 217.76 | 217.56 | 2026-08-19 20:00 |
| 2026-08-20 | 216.79 | 216.85 | 2026-08-20 20:00 |
| 2026-08-21 | 214.85 | 214.72 | 2026-08-21 20:00 |
| 2026-08-24 | 208.75 | 208.48 | 2026-08-24 20:00 |
| 2026-08-25 | 213.16 | 213.05 | 2026-08-25 20:00 |
| 2026-08-26 | 210.06 | 209.66 | 2026-08-26 20:00 |
| 2026-08-27 | 227.96 | 227.98 | 2026-08-27 20:00 |
| 2026-08-28 | 217.74 | 217.55 | 2026-08-28 20:00 |
| 2026-08-31 | 220.91 | 220.78 | 2026-08-31 20:00 |
| 2026-09-01 | 217.58 | 217.44 | 2026-09-01 20:00 |
| 2026-09-02 | 224.46 | 224.41 | 2026-09-02 20:00 |
| 2026-09-03 | 228.90 | 228.45 | 2026-09-03 20:00 |
| 2026-09-04 | 230.35 | 230.36 | 2026-09-04 20:00 |
| 2026-09-08 | 225.69 | 225.73 | 2026-09-08 20:00 |
| 2026-09-09 | 223.89 | 223.67 | 2026-09-09 20:00 |
| 2026-09-10 | 218.70 | 218.36 | 2026-09-10 20:00 |
| 2026-09-11 | 218.92 | 218.29 | 2026-09-11 20:00 |
| 2026-09-14 | 211.47 | 210.96 | 2026-09-14 20:00 |
| 2026-09-15 | 212.34 | 212.17 | 2026-09-15 20:00 |
| 2026-09-16 | 214.25 | 213.90 | 2026-09-16 20:00 |
| 2026-09-17 | 219.68 | 219.34 | 2026-09-17 20:00 |
| 2026-09-18 | 222.24 | 222.27 | 2026-09-18 20:00 |
| 2026-09-21 | 227.69 | 227.38 | 2026-09-21 20:00 |
| 2026-09-22 | 229.20 | 228.87 | 2026-09-22 20:00 |
| 2026-09-23 | 225.44 | 225.51 | 2026-09-23 20:00 |
| 2026-09-24 | 224.87 | 224.58 | 2026-09-24 20:00 |
| 2026-09-25 | 225.29 | 225.07 | 2026-09-25 20:00 |
| 2026-09-28 | 228.97 | 228.86 | 2026-09-28 20:00 |
| 2026-09-29 | 227.95 | 227.21 | 2026-09-29 20:00 |
| 2026-09-30 | 229.85 | 228.38 | 2026-09-30 20:00 |
| 2026-10-01 | 231.18 | 230.86 | 2026-10-01 20:00 |
| 2026-10-02 | 234.38 | 233.95 | 2026-10-02 20:00 |
| 2026-10-05 | 239.30 | 238.90 | 2026-10-05 20:00 |
| 2026-10-06 | 239.71 | 239.24 | 2026-10-06 20:00 |
| 2026-10-07 | 237.80 | 237.47 | 2026-10-07 20:00 |
| 2026-10-08 | 230.81 | 230.48 | 2026-10-08 20:00 |
| 2026-10-09 | 229.70 | 229.28 | 2026-10-09 20:00 |
| 2026-10-12 | 226.87 | 226.32 | 2026-10-12 20:00 |
| 2026-10-13 | 228.73 | 228.52 | 2026-10-13 20:00 |
| 2026-10-14 | 221.56 | 221.30 | 2026-10-14 20:00 |
| 2026-10-15 | 217.48 | 217.23 | 2026-10-15 20:00 |
| 2026-10-16 | 214.56 | 214.13 | 2026-10-16 20:00 |
| 2026-10-19 | 217.41 | 217.09 | 2026-10-19 20:00 |
| 2026-10-20 | 216.69 | 216.47 | 2026-10-20 20:00 |
| 2026-10-21 | 222.20 | 221.97 | 2026-10-21 20:00 |
| 2026-10-22 | 212.42 | 212.21 | 2026-10-22 20:00 |
| 2026-10-23 | 211.27 | 210.96 | 2026-10-23 20:00 |
| 2026-10-26 | 216.15 | 216.00 | 2026-10-26 20:00 |
| 2026-10-27 | 218.06 | 217.94 | 2026-10-27 20:00 |
| 2026-10-28 | 215.40 | 215.38 | 2026-10-28 20:00 |
| 2026-10-29 | 213.57 | 213.66 | 2026-10-29 20:00 |
Stock history: Gloria · Retrieved Oct 30, 00:32 UTC. Token history: CoinGecko NVDAx.
Quoted token and share units can have different rights, multipliers and dividend treatment. This is not an executable premium or arbitrage signal.
Nvidia is heading back to the bond market for the first time since 2021, and it’s not being subtle about it. The company is looking to raise up to $25 billion in investment-grade debt, a figure that dwarfs its previous outing by a factor of five.
The deal structure
The offering will be split across seven tranches with maturities stretching from 2 to 30 years. The longest-dated notes are expected to price at roughly 90 basis points over Treasuries.
Goldman Sachs, JPMorgan, and Morgan Stanley are running the books.
The proceeds are earmarked for general corporate purposes, including refinancing existing notes. Nvidia has a 3.2% coupon issue maturing in September 2026 that’s likely on the list.
Early order books reportedly topped $85 billion, meaning investors showed up with more than three times the amount Nvidia is actually looking to borrow.
Nvidia’s credit default swaps now trade near or below levels associated with US sovereign debt.
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From $5 billion to $25 billion
The last time Nvidia tapped the bond market was June 2021, when it raised $5 billion. The company has historically maintained a conservative balance sheet, funding operations through the enormous cash flows generated by its AI accelerator business.
Nvidia isn’t alone in this strategy. Meta and Salesforce have both ramped up bond issuances recently as part of what analysts are calling an AI debt boom. AI infrastructure, specifically data centers packed with GPU clusters, requires massive upfront capital expenditure.
What this means for investors
When $85 billion in orders materialize for a $25 billion offering, it reflects deep institutional confidence in Nvidia’s creditworthiness. Bond investors are famously more conservative than equity investors.
Given the 90-basis-point spread on the longest tranche, Nvidia is locking in relatively cheap financing for projects expected to generate returns above its borrowing costs.
If the AI spending cycle decelerates faster than expected, or if cloud providers start pulling back on GPU orders, Nvidia would be servicing a $25 billion obligation against potentially shrinking revenues.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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