微软计划发债 250 亿美元，支撑 AI 基础设施扩张
Microsoft plans to raise $25 billion in debt as it pursues AI buildout
微软周四宣布计划发行 250 亿美元债券，借助其 S&P AAA 评级为基础设施扩张融资，管理层将 2026 年资本支出目标定在 1700 亿美元，以承接 Anthropic、OpenAI 等客户的需求。公司称募集资金净额将用于一般企业用途，可能包括营运资金、资本支出、股票回购、收购和偿还现有债务，发行预计 11 月 4 日完成。微软周三财报显示自由现金流为正，而 Alphabet 连续第二个季度自由现金流为负，Meta 和亚马逊本周也报告自由现金流为负；甲骨文同日公布 100 亿美元新发债计划。
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AI 评分 63
微软在现金流为正的情况下仍发债 250 亿美元，可对照同期 Alphabet、Meta、亚马逊的负现金流看 AI 基建的融资分化。
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MSFT
Microsoft on Thursday announced plans to raise $25 billion in bonds, taking advantage of its healthy credit rating to support its infrastructure expansion.
The software maker holds a top-tier AAA rating with S&P, a credit agency. Management is targeting $170 billion in 2026 capital expenditures, as the company looks to meet heavy demand from artificial intelligence labs Anthropic and OpenAI, as well as other clients.
"Microsoft intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of capital stock, acquisitions, and repayment of existing debt," according to a statement. The offerings should close on Nov. 4, the company said.
Amazon and Alphabet have engaged the bond market to support infrastructure projects this year, and AI-focused cloud CoreWeave has also relied on the debt market to broaden its data center footprint. Investors have turned more skittish on companies with tall debt piles as central bankers raise interest rates to fight inflation.
Microsoft will access additional funding sources to complement its own cash flow generation when conditions are attractive, Amy Hood, its finance chief, said on the company's earnings call on Wednesday.
"There's a form of financing called leasing, and we've been using that one as a vehicle," she said. "We're fortunate to have access in the debt markets, given where our ratings are, and we haven't yet tapped that."
Microsoft reported positive free cash flow on Wednesday, differentiating itself from Alphabet, whose cash flow was negative for the second quarter in a row. Last week Meta said it had negative free cash flow, and on Thursday Amazon reported negative free cash flow.
Also on Wednesday, Oracle unveiled plans to raise $10 billion in new debt and said it anticipates a return to positive free cash flow in the second half of its 2028 fiscal year.
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