Microsoft Plans Bond Sale Targeting at Least $25 Billion

Microsoft is planning a US bond sale targeting at least $25 billion, a financing move linked to its expanding investment in artificial intelligence infrastructure. The company’s regulatory filing confirms the sale but does not state its size. People familiar with the offering say the final amount could change with investor demand. The planned offering would be Microsoft’s first US investment-grade bond sale since 2017, when it raised $17 billion. The reported target is not a settled amount, and the sale’s final size and terms have not been disclosed. People familiar with the offering said the debt could be issued in as many as 10 tranches, with maturities ranging from two to 40 years. Wells Fargo, JPMorgan Chase and UBS are managing the offering, according to reports citing those people. Microsoft’s filing confirms a bond sale without providing those details. The financing plan comes amid large investments in computing capacity. Microsoft reported $45.2 billion in spending on data centers and equipment in the three months to September, including leases. The company’s free cash flow was $18.6 billion for the quarter, down 27% over the period, according to its reported financial...