Oracle limits further capital raising to $20bn, then files to raise all of it
The cap is $10bn of equity and $10bn of debt through fiscal 2030, on top of a $20bn at-the-market raise; the 2 November filings offered $10bn of each, with prices unset.
- Money & business
- Compute & infrastructure
- Minor
Oracle told investors on 28 October that it would limit new capital raising for its fiscal 2027–2030 investment cycle to $20bn. On 2 November it filed documents to sell $10bn of common stock and $10bn of senior notes, the full amount.
In its investor-day release, Oracle set a fiscal 2030 target of at least $225bn in revenue, said it expected positive free cash flow in the second half of fiscal 2028 and at least $30bn in fiscal 2029, and described its capital spending as peaking in fiscal 2027 and 2028. The $20bn limit, split between $10bn of equity and $10bn of gross debt, excludes refinancing of existing debt and is in addition to a $20bn at-the-market equity raise completed in the first quarter of fiscal 2027. Oracle also said vendor financing, customer-provided hardware and customer prepayments would reduce upfront cash needs. It reaffirmed its fiscal 2027 outlook of at least $90bn in revenue.
The 2 November preliminary prospectus supplement offered $10bn of common stock, with a concurrent $10bn senior-notes offering; neither depends on the other. The filing left the price and net proceeds blank. It gave general corporate purposes as the use, which may include capital expenditure and debt repayment, and quoted a last sale price of $130.67 on 30 October.
The sequence was reported as a reversal, but Oracle’s own wording was a limit on the total. The Register reported that chief financial officer Hilary Maxson had said Oracle aimed to raise the $20bn during the rest of fiscal 2027, which ends in May 2027, and called the limit “a real commitment”. On that account the pledge fixed the total rather than the timing. The Register also gave Oracle’s planned capital spending for fiscal 2027 as $90bn to $95bn, against $55.7bn in fiscal 2026.
Separately, on 27 October Nvidia said Vera Rubin NVL72 systems and Vera CPUs were generally available on Oracle Cloud Infrastructure, with a plan to expand to multi-gigawatt scale that carried no stated size or date.
The filing came in the same week as Meta’s stock sale and the big-tech earnings, as companies built around AI infrastructure turned to capital markets.