Oracle, AI 인프라 확장 자금 조달을 위해 200억 달러를 모금할 계획이다.

Oracle plans to raise US$20 billion through equity and debt offerings to finance its AI and cloud infrastructure expansion, as the company faces growing scrutiny over the financial requirements of its investment strategy. The fundraising comprises US$10 billion in common stock and US$10 billion in senior notes, according to filings submitted to the US Securities and Exchange Commission (SEC) on Monday.

The announcement comes as investors reassess the cost of building the infrastructure required to support AI workloads and the capacity of technology companies to finance that expansion without accumulating unsustainable debt. Oracle shares fell nearly 6% on Monday, extending a decline of approximately 33% since the beginning of 2026 through Friday.

Oracle said it would allocate the proceeds to general corporate purposes, including capital expenditures, debt repayment, acquisitions, dividends, and share buybacks. Although the company had already outlined the fundraising at its investor day on October 28, the formal filings establish the structure of its latest capital market operations.

The financing also reflects a broader challenge in Oracle's expansion strategy: balancing the infrastructure investments required to compete in the cloud market with the financial discipline expected by shareholders and creditors.

**Oracle Limits Additional AI Financing to US$20 Billion Through 2030**

Oracle's fundraising follows its announcement that capital expenditures will peak during its current fiscal year and the next, as it accelerates investments in AI and cloud infrastructure. At its investor day, the company also committed to raising no more than US$20 billion in additional financing for AI investments between fiscal 2027 and fiscal 2030.

The company expects these investments to support a substantial increase in its business. Oracle projects that revenue will exceed US$225 billion in fiscal 2030, compared with US$67.36 billion in fiscal 2026. It also expects adjusted earnings to surpass US$21 per share by the end of that period.

However, the scale of its financial commitments has raised questions about the relationship between infrastructure expansion, debt accumulation, and future profitability. Oracle reported US$125.34 billion in notes payable and other borrowings as of August 31, a substantial financing position relative to its fiscal 2026 revenue.

The proposed bond offering comprises six tranches with maturities ranging from 2029 to 2046. The structure includes one floating-rate tranche and five fixed-rate tranches. Interest rates, offering prices, and the number of shares to be issued had not been established at the time of the announcement.

Investor concerns have also extended into Oracle's existing debt market. According to Tradeweb data, the company's 6.85% bonds maturing in 2066 declined by more than 1.2 cents on the dollar.

CNBC reported that Oracle's investment-grade 4.95% bonds due in 2031 carried a yield of 7.267%. The company's five-year credit default swap (CDS) spread, a financial instrument used to insure against the risk of default, had reached 296, representing a 270% increase over one year. According to S&P Global Market Intelligence's Gavan Nolan, that level is more consistent with a high-end junk bond rating, although Oracle remains classified as investment-grade credit.

Standard & Poor's downgraded Oracle to BBB- in July, leaving the company one rating level above speculative-grade debt.

**Free Cash Flow Becomes Central to Oracle's AI Strategy**

Oracle's ability to finance its expansion while improving cash generation has become a central concern for investors. The company expects capital spending to peak over the current and following fiscal years, but its transition toward positive free cash flow remains a key financial milestone.

At its October 28 investor day, Hilary Maxson, Oracle's CFO, said she expects free cash flow to turn positive in the second half of fiscal 2028. The company plans to support this transition through vendor financing, customer-provided hardware, and customer prepayments.

These mechanisms could help Oracle reduce the amount of capital it needs to finance independently as it expands its infrastructure capacity. However, their effectiveness will depend on the company's ability to execute its investment plans and convert infrastructure demand into revenue and cash generation.

The company's stock initially gained approximately 11% following the investor day, after Maxson discussed the expected improvement in free cash flow and management outlined its financing limits through fiscal 2030. Nevertheless, the subsequent decline illustrates the uncertainty surrounding the company's ability to deliver its projected financial performance.

Data compiled by LSEG expects Oracle's adjusted earnings per share to reach US$8.14 in fiscal 2027. This remains below the company's fiscal 2030 target of more than US$21 per share, highlighting the scale of earnings growth embedded in its longer-term projections.

The financing strategy also comes as Oracle competes with larger cloud providers, including Microsoft and Amazon, whose revenue scale gives them different financial positions in the expanding AI infrastructure market. Oracle's exposure to OpenAI, the developer of ChatGPT that continues to report losses, has added another dimension to investor concerns about the company's AI-related commitments.

For Oracle, the central challenge is no longer exclusively expanding infrastructure capacity, but demonstrating that its investments can generate sufficient returns to support its financial targets.

Pat Nerney, Head of Investment Solutions at Dynasty Financial Partners, told CNBC that execution will determine how investors assess the company's strategy.

"Can they do what they say they are going to do? We view this as the narrative across the AI space," Nerney said.

He added that Oracle could receive a favorable market response if it delivers on its announced plans, but warned that returning to capital markets in the second half of 2027 after presenting the US$20 billion financing limit as sufficient would raise further concerns.