Oracle files to raise $20 billion through stock and notes

Oracle filed a preliminary prospectus for a $10 billion public offering of common stock and disclosed a concurrent $10 billion public offering of senior notes on November 2. Together, the proposed deals match the $20 billion financing plan announced five days earlier. The opened filings did not establish that either offering had closed.

The stock prospectus was marked subject to completion and change, with the final per-share price, underwriting discounts, net proceeds and expected delivery date left blank. Oracle also said it could not assure investors that the notes offering would be completed on the described terms or at all.

The proposed transactions can proceed independently: the stock offering is not conditioned on the notes offering closing, and the notes offering is not conditioned on the stock offering closing. Oracle said it would use the stock offering’s net proceeds for general corporate purposes, potentially including capital expenditures, debt repayment, investments or acquisitions, dividends and stock repurchases.

The filings put Oracle’s $20 billion additional-funding plan into motion. The company outlined the plan at its October 28 Investor Day, committing to limit additional capital-market funding for its fiscal 2027 through fiscal 2030 investment cycle to $20 billion, excluding refinancing of existing debt. The total was split between $10 billion in equity and $10 billion in gross debt. Oracle said capital expenditures were expected to peak in fiscal 2027 and fiscal 2028 before stepping down in fiscal 2029.

Oracle said the additional funding plan was separate from a $20 billion at-the-market equity raise completed in the first quarter of fiscal 2027.