Qualcomm disclosed Amazon warrants as part of its AI data center partnership with the cloud giant.
Why it matters: The structure ties a major customer relationship to both revenue and potential equity upside for Qualcomm. It also shows how AI infrastructure deals are increasingly using financing incentives alongside product and supply agreements.
- Qualcomm said Sept. 8, 2026 it struck a multi-year collaboration with Amazon on AI data center infrastructure.
- In a Sept. 3, 2026 SEC filing, Qualcomm said it issued Amazon.com NV Investment Holdings LLC a warrant to buy up to 25 million Qualcomm shares at $161.26 each.
- The filing said the warrant can vest in tranches tied to commercial agreements, purchase orders and Amazon purchases, with vesting linked to as much as $60 billion in qualifying payments.
- Qualcomm said 3.75 million shares vested at issuance and the warrant expires Sept. 3, 2036.
Qualcomm said the Amazon collaboration covers AI data center infrastructure, including custom chips for AI inference and faster networking gear for data centers. It also said Amazon Web Services tools, including Amazon Bedrock, will be used for chip design work. Qualcomm release
The more unusual part of the disclosure came in Qualcomm's SEC filing, which said it issued Amazon.com NV Investment Holdings LLC a warrant on Sept. 3, 2026 to buy up to 25 million Qualcomm shares at $161.26 apiece. At that exercise price, the warrant represents an exercise-value calculation of roughly $4 billion, not an upfront transfer of value. SEC filing
According to the filing, the warrant vests in stages tied to commercial agreements, purchase orders and Amazon purchases. Qualcomm said 3.75 million shares vested when the warrant was issued, and the warrant expires Sept. 3, 2036.
Qualcomm has been expanding into data center AI. At its June Investor Day, the company raised its fiscal 2029 non-handset revenue target to $40 billion and said data center AI infrastructure could contribute more than $15 billion by then. Investor Day presentation Reuters also reported that the Amazon partnership fits into that push. Reuters
By the numbers
- 25 million - Maximum Qualcomm shares Amazon can buy under the warrant.
- $161.26 - Exercise price per share in the warrant.
- $60 billion - Cumulative qualifying payments and purchases tied to vesting milestones in the filing.
Yes, but: The roughly $4 billion figure is an exercise-value estimate based on the warrant's strike price, not cash Qualcomm received or Amazon's guaranteed spend.