Advanced Micro Devices is preparing to raise between $4 billion and $5 billion through a four-part investment-grade bond offering, its largest debt sale to date. Early pricing on the longest maturity indicates a yield around 1.15 percentage points above U.S. Treasuries, with maturities ranging from three to ten years. The final amount will depend on investor demand, according to the company.
In an SEC filing, AMD said proceeds would be used for general corporate purposes, including potentially repaying debt. The company has roughly $875 million in bonds due next month and currently carries about $3.25 billion in long-term debt. If the offering reaches the upper end of the expected range, AMD’s debt load could more than double.
The move follows similar debt-market activity by Nvidia and Alphabet as chipmakers and tech giants fund AI buildouts. AMD stock rose about 1% in premarket trading to $485.50 after the announcement, adding to a 0.02% close on August 13 and a further 0.43% premarket gain on August 14. The company’s previous high-grade bond sale raised $1.5 billion in March 2025.
At its Technology Leadership Forum 2026, AMD outlined aggressive AI targets: server revenue is expected to grow more than 80% in the second half of 2026 and at least 70% in 2027, while the broader data-center business is projected to grow well above 100% next year. AMD also expects the server CPU market to reach $220 billion by 2030, targeting more than 50% share.
AMD plans to begin shipping components for its Helios AI racks in September, with a revenue ramp expected in the fourth quarter. OpenAI and Meta have each committed to 1 gigawatt of AMD capacity, while Anthropic has committed to 1 gigawatt with ambitions to scale to 2 gigawatts. Deployments are also expected through Microsoft Azure, Oracle Cloud Infrastructure, and other cloud providers. Barclays, Bank of America, Citigroup, JPMorgan Chase, Morgan Stanley and Wells Fargo are reportedly managing the bond sale.
