(Bloomberg) -- Salesforce Inc. is planning to sell as much as $25 billion of debt to fund a share buyback, according to people with knowledge of the matter, in what would be the software firm’s biggest-ever note sale.

The company is targeting a US bond offering of at least $20 billion, said the people, who asked not to be identified because details are private. They added the notes could be sold as soon as this week, but the timing could change.

Most Read from Bloomberg

Greek Oil Tanker Exits Strait of Hormuz With Its Signal Off

Trump Signals Possible End to War, Floats Removing Oil Sanctions

US Planes Fly Out of Korea as Asset Redeployment Reports Grow

Rokos Joins Hedge Funds Losing Money Last Week, Jain Gains

Market Cracks Widen as War, AI and Credit Fears Collide at Once

Salesforce mandated JPMorgan Chase & Co., Bank of America Corp., Barclays Plc, Citigroup Inc. and Wells Fargo & Co. to arrange fixed-income investor calls for Tuesday.

The software firm — which has become a poster child for Wall Street anxieties about the impact of artificial intelligence on established vendors — on Feb. 26 announced a $50 billion stock buyback program and 5.8% dividend increase alongside a better-than-expected sales forecast.

A debt-funded buyback is “a material shift in financial policy, including a higher tolerance for debt in the capital structure,” Moody’s Ratings said Tuesday as it downgraded Salesforce by a notch to A2. S&P Global Ratings, meanwhile, lowered its outlook to negative.

The company last tapped the US bond market in 2021, when it raised $8 billion to help fund its acquisition of Slack.

JPMorgan, Barclays, Citigroup and Wells Fargo declined to comment. Salesforce and Bank of America didn’t immediately respond to a request for comment.

Salesforce’s looming debt offering comes as Amazon.com Inc. is looking to raise at least $37 billion from the sale of dollar- and euro-denominated notes, according to people familiar with the matter.

Most Read from Bloomberg Businessweek

China’s Gen Z Day Traders Trust in Chatbots and Move Markets

This Maker of $4 Million Sports Cars Is Weighing an IPO

Gas Prices Are Rising—and So Are the Iran War Stakes for Trump

How Data Centers Became a Casualty of War

How Swig Turned Dirty Soda Into a National Obsession

©2026 Bloomberg L.P.