Chipmaker Nvidia is planning to sell $25 billion of investment-grade debt in the US on Monday, marking its first bond sale in five years. The company’s seven-part offering includes maturities from two years to 30 years, with initial orders reaching over $85 billion.

Thanks to strong demand, the 10-year portion of the bond is expected to yield just half a percentage point above US Treasuries, significantly lower than initially discussed. Favorable market conditions after the US-Iran deal are allowing Nvidia to fundraise at a relatively low cost, according to industry experts.

The issuance comes as tech companies race to secure funding amid an intensifying AI arms race. Nvidia, the biggest beneficiary of Big Tech’s trillion-dollar spending spree on AI infrastructure, has tapped into this wave. The proceeds will be used for general corporate purposes, including repaying and refinancing outstanding notes.

Monday’s offering is at least three times larger than Nvidia’s previous bond sale in 2021 during the pandemic, when it raised about $5 billion. Upon completion, it will more than triple Nvidia’s debt to approximately $30 billion from its current level of $8.5 billion.