Amazon.com Inc. sold $14 billion of Canadian dollar high-grade bonds , the largest corporate debt offering on record in the currency, after drawing about twice that amount in demand.

Investors have placed about $28 billion of orders for the offering, according to people with direct knowledge of the matter.

The cloud-computing giants at the centre of the AI boom are scouring global debt markets for funding as they plan to invest hundreds of billions of dollars on data centres, chips and other infrastructure.

Amazon, which is expected to spend almost US$200 billion this year, has already raised more than US$70 billion of debt since the start of 2025, including in euros and Swiss francs.

Amazon is offering senior unsecured notes in five parts, with maturities ranging from three to 30 years, according to people with knowledge of the matter. Pricing on the longest tranche tightened by 5 basis points to 1.10 percentage points above government bonds, they said.

Proceeds will be used for general corporate purposes, which may include “supporting business investments, funding future capital expenditures, and repaying debt,” an Amazon representative said by email.

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The banks running the deal, JPMorgan Chase & Co., Royal Bank of Canada , Bank of Nova Scotia and Toronto-Dominion Bank , didn’t immediately respond to a comment request or provide a comment.

The move comes about one month after Alphabet Inc. raised $8.5 billion from a four-part bond sale in Canadian dollars, marking the largest-ever corporate offering in the currency at the time.

“Accessing Canada’s market after Alphabet’s recent deal suggests more borrowing in alternative currencies or equity, as data-capacity spending accelerates,” Bloomberg Intelligence analysts Robert Schiffman and Alex Reid said in a note to clients. The firm’s return to the bond market “suggests its AI investment is on a trajectory in 2027 that’s meaningfully higher than the US$200 billion anticipated in 2026.”

With assistance from Kevin Kingsbury

Bloomberg.com