Microsoft has launched a multi-tranche U.S. investment-grade bond sale to raise at least $25 billion. It is the company’s first such offering in more than nine years. Proceeds will go toward general corporate purposes, including significant capital expenditures to expand infrastructure for AI customers.
The senior unsecured notes will have maturities ranging from two to 40 years and are expected to receive top-tier credit ratings.
Microsoft is targeting $170 billion in capital expenditures for 2026 to build out its AI capacity. Chief Financial Officer Amy Hood said the company would tap debt markets when conditions are favorable, alongside its usual reliance on internally generated cash flow to fund operations.