Microsoft Seeks $25 Billion in First U.S. Bond Sale in Nine Years Amid Rising AI Spending

Microsoft was seeking to raise at least $25 billion in its first U.S. bond sale in more than nine years on Thursday, as it pursues an AI expansion expected to push its 2026 capital spending to about $170 billion. The borrowing marks its return to the U.S. investment-grade bond market since 2017, when it raised $17 billion. It follows Microsoft's disclosure Wednesday that it expects more than $50 billion in capital expenditures this quarter alone. According to Bloomberg, the bonds are being marketed in ten tranches maturing in two to 40 years. Proceeds are expected to go toward general corporate purposes, and Microsoft has not said the whole offering will fund AI.

Right-leaning Daily Caller leads with the bond sale and the $170 billion figure, framing the offering as a cost of the AI boom and raising questions about financing, and it cites Bloomberg's tranche details. Left-leaning The New York Times, under a headline comparing Microsoft's rise with Google's fall, leads with investors showing little patience for lavish AI spending and meager returns; its excerpt does not mention the bond sale. Alternative MarketWatch differs from both, citing analysts who say Microsoft is in a stronger financial position than its cloud rivals and is becoming Wall Street's favorite. The sides agree Microsoft is spending heavily on AI but differ on whether the story is about financing costs, investor skepticism or relative strength.