Microsoft’s bond sale, targeting at least $25 billion, attracted more than €115 billion in demand in the tech group’s first investment-grade bond offering in the United States since 2017. The deal is split into as many as 10 tranches, with maturities ranging from two to forty years, and is managed by Wells Fargo, JPMorgan Chase and UBS. Microsoft plans to use the proceeds for general corporate purposes, including capital expenditures. In the third quarter of its fiscal 2026, the company invested $45.2 billion in data centers and equipment, while full-year spending is expected to exceed $115 billion. The transaction reflects the accelerating investment cycle linked to artificial intelligence, following Alphabet’s $25 billion bond sale in August 2026, which drew about $115 billion in orders.
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