Microsoft to raise $25 billion in debt for AI infrastructure

Microsoft announced pricing of $25 billion in new bonds, leaning on its AAA rating from S&P. The company targets $170 billion in 2026 capital expenditures to meet demand from AI labs Anthropic, OpenAI and other clients. The offering is expected to close on Nov. 4.

• Bond offering totals $25 billion; S&P rating is AAA
• Microsoft targets $170 billion in 2026 capex
• The offering is expected to close on Nov. 4
• Proceeds to fund capex, working capital and debt repayment