Nvidia Plans $20 Billion Bond Sale to Fund AI Infrastructure as Bitcoin Miners Pivot to Data Centers

TLDR

• Nvidia plans to raise at least $20 billion through a multi-part bond offering to fund AI infrastructure and refinance debt.
• The bond will span seven maturities from two to 30 years, with the longest priced at roughly 0.9 points above US Treasury rates.
• Bitcoin miners including HIVE Digital, TeraWulf, Hut 8, and CleanSpark are pivoting to AI and high-performance computing services.
• Publicly listed miners have announced over $70 billion in AI and HPC contracts, with revenue from AI expected to reach 70% by end of 2026.
• Miners sold more than 15,000 BTC between October and March as core mining margins remain under heavy pressure.

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Nvidia is planning to borrow at least $20 billion from bond markets to fund its artificial intelligence ambitions. The move is adding fresh momentum to a shift already underway in the Bitcoin mining industry, where companies are repurposing their infrastructure for AI data centers.

According to Bloomberg, Nvidia will issue bonds across seven maturities ranging from two to 30 years. The longest-dated bonds are expected to price at about 0.9 percentage points above comparable US Treasury securities. The funds will go toward AI-related investments and refinancing existing debt.

Nvidia is the dominant supplier of graphics processing units used to train and run large language models. That makes its capital spending plans a closely watched signal for the broader AI industry.

The chipmaker has also been expanding internationally. During a visit by CEO Jensen Huang to South Korea, Nvidia announced partnerships with SK Hynix, Naver, SK Telecom, Doosan Group, LG Group, and Hyundai Motor Group. Those deals cover memory chips, AI data centers, robotics, mobility, and industrial AI systems.

Bitcoin Miners Shift Toward AI

The AI infrastructure boom has created an opening for Bitcoin miners. Many of these companies already control large power capacity and data center space, making them natural candidates to host AI computing workloads.

Companies including HIVE Digital, TeraWulf, Hut 8, and CleanSpark are now offering AI and high-performance computing services alongside their traditional mining operations. They are using existing power agreements and facilities to do it.

Investor reaction has been positive. While Bitcoin fell roughly 17% in the first months of 2026, a basket of Bitcoin mining stocks gained more than 50% over the same period. The strongest performers advanced over 70%.

Publicly traded miners have collectively announced more than $70 billion in AI and high-performance computing contracts. Industry projections suggest listed miners could generate as much as 70% of their revenue from AI by the end of 2026, up from around 30% today.

Analysts at Bernstein expect IREN to derive the vast majority of its value from AI infrastructure, citing rapid growth in its cloud AI business.

Mining Margins Stay Compressed

Despite the AI pivot, the core mining business remains difficult. Bitcoin’s April 2024 halving increased mining difficulty and pushed up operating costs, squeezing margins across the sector.

Some analysts have described current conditions as the harshest margin environment the industry has ever faced. In response, miners have reduced leverage, sold Bitcoin holdings, and looked for new income streams.

Data from TheEnergyMag shows miners sold more than 15,000 BTC between October and March. Bitcoin peaked above $126,000 during that window before pulling back.

Canaan, a Nasdaq-listed miner, illustrates the pressure. The company produced 90 BTC in its most recent operational update and received 24 BTC from customers. Its second-quarter revenue guidance of $35 million to $45 million came in well below analyst expectations of around $96 million.

Canaan also received a second Nasdaq non-compliance notice in January after its share price stayed below the exchange’s $1 minimum bid requirement. The company has until July 13, 2026, to regain compliance.

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