Microsoft Launches At Least $25B US Investment-Grade Bond Sale, Its First Since 2017, to Fund AI Capex

Microsoft is tapping public debt markets for at least $25B across as many as 10 tranches with maturities out to 40 years, led by Wells Fargo, JPMorgan Chase and UBS — its first US investment-grade bond deal since the $17B LinkedIn-era 2017 sale. CFO Amy Hood pointed to Q3 data-center and equipment spend of $45.2B and said 'demand still exceeds supply,' with free cash flow down 27% to $18.6B as the company funds the AI buildout.