The Project Odyssey bond sale linked to Microsoft’s data centers is expected to reach approximately $4 billion, up from an initial target of $3.9 billion, driven by strong investor demand. In April 2026, Blackstone-backed QTS’s debut bond offering to finance a Microsoft data center in Phoenix attracted roughly $12.5 billion in investor demand, more than three times the actual deal size. Microsoft itself raised $19.75 billion in the corporate bond market back in 2016. Big tech companies including Microsoft, Amazon, Meta, and Alphabet are collectively planning hundreds of billions of dollars in capital expenditures for 2026, with Microsoft guiding toward approximately $190 billion in spending. This trend confirms that AI infrastructure debt has emerged as a distinct and attractive asset class for institutional investors.
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