A proposed restructuring of AI infrastructure would move thousands of Grace Blackwell GPUs deployed in over 12 US data centers into an external investment vehicle. Amazon is exploring a deal to transfer approximately $8B of these Nvidia chips to a special-purpose vehicle funded by outside investors to reduce the upfront cost of scaling its AI capacity, the Financial Times reports. The company would maintain use of the hardware through a leaseback agreement, while the investment vehicle could issue debt and sell up to a 10% equity stake to investors.

The strategy aims to shift expensive hardware assets off the balance sheet and transition the company toward a more asset-light financing model. Some analysts and critics have described the plan as an off-balance sheet gimmick used to mask debt, while others called the move a sign of desperation. Amazon has declined to comment on the negotiations, which have been underway for several weeks to assess market appetite.