Investing.com -- Nvidia Corp. received approximately $85 billion in orders for its bond offering on Monday, according to a Bloomberg report on Monday, as the chipmaker seeks to raise at least $20 billion through the sale. The demand reached more than four times the minimum offering amount at its peak.

The company is selling notes in seven parts with maturities spanning from two to 30 years. The offering marks Nvidia's first bond sale in five years and is expected to be at least four times larger than its previous debt offerings in 2020 and 2021.

The yield on the longest portion of the offering tightened by 0.25 percentage point from initial price talk to 0.65 percentage point above Treasuries. The company reportedly plans to use proceeds from the sale to refinance outstanding debt and for other corporate purposes.

Nvidia filed for the proposed notes offering earlier on Monday without disclosing the size.

Technology companies including Alphabet Inc. and Amazon.com Inc. have issued hundreds of billions of dollars in bonds as they build data centers and infrastructure for AI expansion. Nvidia serves is the key supplier for many of these projects.

The company has also made substantial investments to support the AI ecosystem, including a $5 billion stake in Intel Corp. last year and up to $10 billion in Anthropic PBC. Nvidia agreed to contribute $30 billion to a funding round for OpenAI announced in February.