Oracle files to sell $20B in stock and bonds for AI
The gist
Oracle filed to sell $10B in common stock and $10B in senior notes to finance its AI buildout.
The raise tests investor patience as AI spending outpaces cash flow.
How it unfolded
- Feb 23, 2026Oracle launched an at-the-market equity program of up to $20 billion, part of a plan to raise $45–50 billion in 2026 for cloud capacity serving AI customers such as OpenAI, Meta and NVIDIA.
- Sep 10, 2026Oracle reported Q1 FY2027 revenue of $19.34B, up 29.6% year over year, with cloud infrastructure revenue up 121% to $7.39B and remaining performance obligations at $664B.
- Sep 11, 2026Q1 capex reached $28.5B and free cash flow was negative $5.40B; Oracle completed the $20B at-the-market program and planned to raise roughly $40B in FY2027.