The last time Nvidia (NVDA) went to the investment-grade bond market was 2021, when the company generated about $27 billion in annual revenue and AI had not yet become the defining story of the technology sector.
On June 15, the company returned, and the response from investors made the five-year absence feel like a long time coming
Revenue in fiscal 2026 has since grown to $216 billion, according to CNBC. Nvidia raised $25 billion in high-grade bonds, its largest debt offering on record, in a deal that began targeting $20 billion before being increased after demand reached approximately $85 billion, more than three times the size of the offering, according to Bloomberg. The deal was priced across seven tranches with maturities ranging from two to thirty years.
Why Nvidia is borrowing despite sitting on billions in cash The question investors are likely asking first is why a company with Nvidia’s financial position needs to borrow at all. As of April 2026, Nvidia held approximately $13.2 billion in cash and cash equivalents, and continues generating substantial cash flow from its AI chip business. The answer, Bloomberg noted, is less about immediate funding needs and more about establishing a liquid benchmark for Nvidia’s credit in investment-grade debt markets, giving the company greater financial flexibility going forward.