Oracle limits additional funding through fiscal 2030 to $20 billion

Oracle said at its 2026 Investor Day that it will cap additional capital-market funding for its fiscal 2027 through fiscal 2030 investment cycle at $20 billion as it builds out AI cloud infrastructure. The company currently expects to raise $10 billion in equity and $10 billion in gross debt under that limit, which excludes refinancing existing debt.

Oracle says the cap limits how much outside capital it will seek for the fiscal 2027 through fiscal 2030 investment cycle. The company expects growth to become self-funded in fiscal 2029. The new funding would be separate from the $20 billion at-the-market common-stock sale Oracle completed in the first quarter of fiscal 2027.

The company forecasts positive free cash flow in the second half of fiscal 2028 and at least $30 billion in fiscal 2029. Those are targets, not realized cash flow. Oracle said the timing of its cash flow, its capital-spending plans, future funding needs and financing strategy are forward-looking statements subject to risks and uncertainties.

Recent results show the cash demands of the expansion. Oracle reported $23 billion in operating cash flow and negative $5 billion in free cash flow for the first quarter of fiscal 2027. For fiscal 2026, it reported $32 billion in operating cash flow and negative $23.7 billion in free cash flow. The company also reported $43 billion of debt financing and $5 billion of equity financing for that year.

Oracle expects vendor financing, customer-provided hardware and customer prepayments to reduce upfront cash requirements. It forecasts capital expenditures will peak in fiscal 2027 and fiscal 2028, then decline in fiscal 2029. The company did not say when it would raise each portion of the planned additional equity and debt.