Microsoft has launched its first US investment-grade bond offering since 2017. The company is seeking to raise at least $25 billion to support general corporate purposes, with a specific focus on capital expenditures related to AI infrastructure.
The debt offering has attracted significant interest, drawing more than €115 billion in investor demand. The deal is structured into up to 10 tranches, with maturity dates ranging from 2 years to 40 years, including a note maturing in 2066.
The issuance is being managed by Wells Fargo, JPMorgan Chase, and UBS. Microsoft currently holds a AAA credit rating, a status shared by only one other US public company, Johnson & Johnson.
This move follows a similar $25 billion bond sale by Alphabet in August 2026, which also saw approximately $115 billion in orders. Both companies are heavily investing in data centers and specialized hardware to support AI development.
In the third quarter of fiscal 2026, Microsoft reported $45.2 billion in capital expenditures for data centers and equipment. The market's response to these bond sales indicates strong investor confidence in the current AI-driven expansion strategy.
