Oracle 창립자 Larry Ellison이 AI 인프라 전환에 따른 현금 소진 및 투자 수익률 우려 속에서 최대 $7.5 billion 규모의 주식을 매각하고 있습니다.
Oracle co-founder Larry Ellison has initiated a stock trading plan allowing him to sell up to 50 million shares, worth approximately $7.5 billion at current prices. This marks a rare large-scale divestment since he founded the company in 1977, and the timing—as Oracle invests heavily in artificial intelligence infrastructure while carrying substantial debt—has drawn intense market scrutiny.
Regulatory filings show that Ellison adopted the 10b5-1 trading plan on June 22, set to expire on October 24. Under U.S. securities law, this mechanism allows corporate insiders to pre-schedule stock sales when they lack material non-public information, thereby avoiding insider trading concerns. Public SEC filings will reveal how many shares have actually been sold to date.
According to FactSet data, Ellison currently holds more than 40% of Oracle's equity. Even if he executes the entire plan, he will retain approximately 1.1 billion shares, maintaining his position as the company's largest individual shareholder. Notably, since the early 2000s, Ellison has never sold more than 25,000 Oracle shares in a single transaction. The planned sale of up to 50 million shares represents roughly 2,000 times his largest single transaction in two decades—a dramatic departure from his historical trading patterns.
Oracle has transformed from a traditional database software company into a major supplier of AI cloud infrastructure. The latest earnings report showed cloud infrastructure revenue surging 121% year-over-year to $7.4 billion, driving overall revenue up 30% to $19.3 billion. New contracts signed during the quarter totaled $30 billion, with total remaining performance obligations swelling to $664 billion—an increase of $209 billion from the prior year.
The expansion is moving rapidly on the supply side. Oracle delivered data center capacity equivalent to 850 MW this quarter and added more than 300,000 graphics processing units, nearly triple the previous quarter's volume, with GPU utilization reaching 97.9%. The company raised its full-year fiscal 2027 revenue guidance to at least $90 billion. In July, Oracle secured a ten-year software contract with the U.S. Department of Defense worth up to $7 billion.
Behind these impressive figures lies heavy capital expenditure pressure. Oracle's capital expenditures for the past quarter reached $28.5 billion—a more than threefold increase from $8.5 billion in the same period last year—resulting in a free cash flow deficit of $5.4 billion, compared with a $362 million deficit a year earlier. Excluding customer prepayments and short-term financing, net cash capital expenditures for the quarter were $18 billion. As of August's end, Oracle's total debt had reached $125 billion.
Oracle shows no signs of slowing its investment pace. The company plans to invest $90 billion to $95 billion in capital expenditures in fiscal 2027, nearly double the $55.7 billion spent in fiscal 2026, with the vast majority directed toward AI data centers and infrastructure. To fund these investments, Oracle has completed $20 billion in stock offerings this year and plans to raise $40 billion through debt and capital markets for the full year.
The 82-year-old Ellison skipped this year's earnings call—one of the few times he has done so since stepping down as CEO in 2014. His only comparable absence dates to September 2013, when he took leave to compete in the America's Cup sailing regatta. Oracle has appointed Clay Magouyrk and Mike Sicilia as co-CEOs to lead the cloud infrastructure strategy. For the annual user conference scheduled for October, promotional materials highlight keynote addresses by the two co-CEOs, with Ellison absent from the promotional lineup.
Ellison's influence over Oracle remains substantial despite his reduced operational role. He serves as chairman and chief technology officer, and with roughly 40% equity ownership, holds decisive sway over major decisions. He spearheaded Oracle's participation in the "Stargate" project—a massive $500 billion initiative aimed at building large-scale AI infrastructure in the United States, jointly driven by OpenAI CEO Sam Altman and SoftBank Group Chairman Masayoshi Son. The project, advanced by OpenAI, Oracle, SoftBank Group, and the UAE sovereign fund MGX, targets $400 billion in investment and 7 GW of power capacity within three years.
Oracle's AI infrastructure ambitions extend internationally. In 2024, the company announced plans to invest more than $8 billion over ten years to expand data centers in Tokyo and Osaka, deploying advanced GPUs to address Japanese government and enterprise demand for data sovereignty. Beyond Oracle, Ellison provided financial backing for the 2025 merger between his son David Ellison's production company Skydance and Paramount. According to Forbes, he is currently the world's seventh-richest person, briefly claiming the top position at the height of the AI boom in September 2025.
Market interpretations of Ellison's divestment decision are mixed. A 10b5-1 plan's pre-scheduled nature means the decision was made in June and may not reflect current judgments on the company's stock price or prospects. Yet a founder selling shares while the company borrows heavily to expand inevitably invites investor scrutiny regarding insider confidence in financial health. Oracle's stock has fallen approximately 20% year-to-date, while the S&P 500 has gained about 11%, reflecting market concerns about deteriorating balance sheet metrics. Jefferies analysts note that institutional investors' primary concerns center on debt levels and free cash flow pressure, with Ellison's divestment potentially deepening those worries.
Some observers argue that the scale of this stock sale remains limited relative to his total holdings, and that he will maintain a long-term commitment to the company with approximately 1.1 billion shares remaining. The true determinant of Oracle's fate lies in when its AI infrastructure investments convert into stable cash flow returns.