(Reuters) -Amazon is looking to raise about $12 billion from the corporate bond market in its first such deal in ​U.S. dollars in about three years, Bloomberg News reported ‌on Monday, as big tech firms increase investments to stay on top of the AI race.‌

The e-commerce giant filed for a six-part bond sale earlier in the day without disclosing a size, a regulatory filing showed.

As artificial intelligence workloads grow in scale, big technology firms are turning to large-scale debt sales to ⁠fund infrastructure expansion plans that ‌cost tens of billions of dollars.

Initial price discussions for the longest portion of the deal, a 40-year bond, ‍are for a premium of about 1.15 percentage points above Treasuries, as per the Bloomberg report, citing people familiar with the matter.

Amazon did not immediately respond to a ​Reuters request for comment.

Last month, Meta Platforms announced its biggest bond sale ‌of up to $30 billion, while cloud infrastructure and software maker Oracle is also reportedly looking to raise $15 billion in bond sales.

U.S. wireless provider Verizon is also reportedly seeking to raise about $10 billion through bond sales to fund its $20 billion deal for Frontier.

Major tech firms including Meta, Amazon ⁠and Alphabet are expected to spend $400 billion ​on AI infrastructure this year, according to ​Morgan Stanley estimates.

Amazon has been spending more on AI with its capital expenditure expected to total around $125 billion this year and ‍more the year after.

Proceeds ⁠from Amazon’s offering may be used for everything from acquisitions and capital expenditures to share buybacks, according to the Bloomberg report.

Amazon recently announced ⁠a $38 billion deal with OpenAI, giving a major lift to its cloud unit after ‌losing ground to Microsoft and Google.

(Reporting by Harshita Mary Varghese ‌in Bengaluru; Editing by Maju Samuel)