Amazon's long-term debt has nearly doubled to $128.9 billion as the company pours cash into AI data centers, and it has raised its 2026 capital spending target to $220 billion. The buildout is also reshaping Bitcoin mining economics, with miners signing multibillion-dollar AI power deals with cloud providers including Amazon.
Amazon's long-term debt has climbed to roughly $128.9 billion, as the company pours cash into AI infrastructure. That figure is nearly double the around $65 billion it carried before.
The company raised its 2026 capital spending guidance to $220 billion, up from $200 billion. A $25 billion bond issuance helped fund the expansion.
Jassy frames the spending as necessary, not optional
Chief executive Andy Jassy has cast the capex spree as necessary to keep AWS ahead in the AI race, not a discretionary bet. AWS reported Q2 2025 revenue of $129 billion, up 20% year-over-year.
Jassy has framed the spending as a response to "sustained customer demands" for AWS services. Amazon isn't alone in this race, either: Microsoft, Google, and Meta are also funneling large sums into data center buildouts.
Bitcoin miners cash in on the AI buildout
Cipher Mining signed a $5.5 billion, 15-year agreement with AWS to supply 300 MW of AI-ready power, with operations expected to begin in 2026. The deal turns a Bitcoin miner into a power and infrastructure landlord for one of the world's largest cloud providers, since miners hold the permitted power capacity and existing sites hyperscalers now want for high-performance computing.
Bitcoin miners have collectively secured over $70 billion in AI and HPC contracts. Analysts project AI revenue could represent more than 70% of total revenues for publicly listed miners by late 2026.
Mining stocks gain a new valuation yardstick
The shift gives mining stocks a new valuation framework, where AI contract backlogs, power capacity, and hyperscaler relationships now matter as much as, if not more than, the Bitcoin holdings on their balance sheets.
Source: Crypto Briefing
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