Dell Technologies has launched a four-tranche investment-grade bond offering targeting about $4 billion to repay debt maturing in 2026 and support general corporate purposes. The notes will mature in three to 10 years, with the longest-dated tranche initially marketed at a spread of up to 140 basis points over comparable U.S. Treasuries, while final sizing remains subject to investor demand. Dell’s credit profile has been supported by record AI infrastructure activity: fiscal 2027 second-quarter revenue rose 58% to $46.97 billion, AI-optimized server sales doubled to $16.4 billion and its AI server order backlog reached $95 billion. The company raised its fiscal 2027 revenue target to about $192 billion from roughly $167 billion, lifted its AI server revenue target to $74 billion from $60 billion and increased adjusted EPS guidance to $25.50.