Microsoft will mit US-Anleihe mindestens 25 Milliarden US-Dollar aufnehmen, während die KI-Ausgaben steigen

The Cryptonomist · 2026-10-29T13:55:28.000Z

Microsoft will durch eine US-Anleihe mindestens 25 Milliarden US-Dollar aufnehmen und kehrt damit erstmals seit 2017 auf den US-Markt für erstklassige Anleihen zurück, da die Ausgaben für KI-Infrastruktur steigen. Die Kreditaufnahme erfolgt, nachdem das Unternehmen im Quartal bis September 45,2 Milliarden US-Dollar für Rechenzentren und Ausrüstung ausgegeben hatte, während die Nachfrage nach seinen Cloud-Diensten weiterhin das Angebot überstieg. Die wichtigsten Erkenntnisse Das Angebot umfasst bis zu 10 Tranchen mit Laufzeiten von zwei bis 40 Jahren. Microsoft behält das höchste Kreditrating, das nur ein weiteres US-Unternehmen teilt.

Microsoft is seeking at least $25 billion through a US bond sale, returning to the country’s high-grade debt market for the first time since 2017 as spending on AI infrastructure accelerates. The borrowing comes after the company spent $45.2 billion on data centres and equipment in the quarter ending in September, while demand for its cloud services continued to exceed supply.
Key takeaways
The offering spans up to 10 tranches, with maturities of two to 40 years.
Microsoft retains the highest credit rating, shared by only one other US company.
Quarterly Azure revenue climbed 48%, while free cash flow dropped 27%.
Microsoft’s US bond sale marks its first since 2017
Microsoft’s US bond sale is structured in up to 10 tranches, with repayment periods ranging from two to 40 years. Wells Fargo, JPMorgan Chase and UBS are managing the offering.
The company’s previous major US bond sale raised $17 billion in January 2017, partly to finance its acquisition of LinkedIn. Microsoft has rarely needed to borrow heavily in the intervening years, but the cost of expanding its AI infrastructure is changing its financing needs.
A rare AAA rating supports borrowing terms
With an AAA credit rating—the top tier available and one notch above what the US government holds—Microsoft is able to borrow on favourable terms. Johnson & Johnson is the only other American corporation carrying that same top-tier rating.
This strong credit profile underpins Microsoft’s bond issuance in the US market, as other tech firms likewise tap debt markets to finance AI infrastructure. In August, Alphabet brought in $25 billion through a 10-tranche bond sale spanning comparable maturities, and indicated it would pursue US borrowing twice yearly going forward.
Combined borrowing by Alphabet, Amazon, Meta, Microsoft and Oracle climbed to roughly $350 billion, nearly double what it was five years earlier. Market reactions have differed across issuers: Amazon’s $25 billion bond offering earlier this year met only tepid demand, whereas Oracle saw S&P cut its credit rating to just a notch above junk status amid rising debt levels.
AI spending rises as Azure demand exceeds capacity
Microsoft disclosed on October 28 that spending on data centres and equipment, including leases, reached $45.2 billion in the three months ending in September. Over the same period, free cash flow declined 27% to $18.6 billion.
This spending is paired with accelerating growth in the cloud business. According to Microsoft, Azure revenue climbed 48% to $33.2 billion, beating the 44% growth rate analysts had forecast. Total revenue grew 19% to $92.3 billion, outpacing the projected 17% increase.
“We still have demand that exceeds supply,” chief financial officer Amy Hood told analysts.
For the ongoing quarter, Microsoft forecasts Azure revenue growth between 49% and 50%.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.