Project Odyssey bond sale may increase to $4B amid strong demand

A bond sale linked to Microsoft’s data center ambitions is on track to reach roughly $4 billion, up from an initial $3.9 billion target, as investor appetite for AI-related infrastructure debt shows no signs of cooling. The deal and its trajectory The bond issuance, tied to Microsoft’s expanding data center footprint, was originally sized at $3.9 billion before strong demand pushed the total toward the $4 billion mark. Consider what happened in April 2026 with a related transaction. A Blackstone-backed debut bond offering by QTS, financing a Microsoft data center in Phoenix, attracted approximately $12.5 billion in investor demand. That’s more than three times the size of the actual deal. Microsoft is no stranger to the corporate bond market. The company executed a $19.75 billion issuance back in 2016, one of the largest corporate bond deals in history at the time. This time around, the motivation is more specific: data centers built to handle the compute demands of an AI-driven future. Why investors can’t get enough Microsoft, Amazon, Meta, and Alphabet are collectively planning hundreds of billions of dollars in capital expenditures for 2026. Microsoft alone has guided toward app...