# Oracle filed for its whole four-year funding cap in one day ## Dek On October 28, 2026, Oracle promised to limit new money raised in the capital markets through fiscal 2030 to 20 billion dollars. On November 2 it filed to raise all 20 billion. The cap leaves out several kinds of funding, and the filings are looser about the money's use than the headline. ## Short version At its investor day on October 28, 2026, Oracle [committed to limit additional capital raises through fiscal 2030 to 20 billion dollars](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=Committed%20to%20limiting%20additional%20capital%20raises%20through%20FY30%20to%20%2420%20billion), expected to be half shares and half debt. On November 2 it filed to sell [10 billion dollars of common stock](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=We%20are%20offering%20%2410%2C000%2C000%2C000%20of%20shares%20of%20our%20common%20stock) and 10 billion dollars of senior notes. The split matches what the release announced. The notes [priced the same day](https://www.sec.gov/Archives/edgar/data/1341439/000119312526443918/d87441dfwp.htm#:~:text=FINAL%20PRICING%20TERM%20SHEET) at coupons from 7.000% to 8.650% a year. My reading: if the cap holds, it leaves no room for more capital-market raises through May 2030, refinancing aside. The cap [excludes refinancing of existing debt](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=excluding%20refinancing%20of%20existing%20debt). It also comes [on top of a 20 billion dollar share sale](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=This%20is%20in%20addition%20to%20the%20%2420%20billion%20at%2Dthe%2Dmarket%20equity%20raise) completed earlier in the same fiscal year. Oracle expects [vendor financing, customer-provided hardware and customer prepayments](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=Vendor%20financing%2C%20customer%2Dprovided%20hardware%20and%20customer%20prepayments) to cut its cash needs. The cap names only money raised in the capital markets, so by my reading these sit outside it. The filings say the money will go to [general corporate purposes, which may include](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=general%20corporate%20purposes%2C%20which%20may%20include) capital spending, debt repayment, dividends and buybacks. My reading: the cap limits one channel of new money, not every new obligation Oracle can take on. ## Key findings - On October 28, 2026, Oracle [committed to limit additional capital raises through fiscal 2030 to 20 billion dollars](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=Committed%20to%20limiting%20additional%20capital%20raises%20through%20FY30%20to%20%2420%20billion), excluding refinancing, "[currently expected to be $10 billion in equity and $10 billion in gross debt](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=currently%20expected%20to%20be%20%2410%20billion%20in%20equity%20and%20%2410%20billion%20in%20gross%20debt)." - The same release says the cap is "[in addition to the $20 billion at-the-market equity raise completed in the first quarter of fiscal 2027](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=This%20is%20in%20addition%20to%20the%20%2420%20billion%20at%2Dthe%2Dmarket%20equity%20raise%20completed%20in%20the%20first%20quarter%20of%20fiscal%202027)." - On November 2, 2026, Oracle filed to sell 10 billion dollars of common stock. The filing's example, at the October 30 close of 130.67 dollars, is [76,528,659 shares](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=assuming%20sales%20of%2076%2C528%2C659%20shares%20in%20this%20offering%20at%20a%20price%20of%20%24130.67%20per%20share), about 2.5% more than the [3,023,726,695 outstanding on August 31, 2026](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=based%20on%203%2C023%2C726%2C695%20shares%20outstanding%20as%20of%20August%2031%2C%202026). - Oracle's 10 billion dollars of notes priced on November 2, 2026 in five series due 2029 to 2046, from [7.000% notes due 2029](https://www.sec.gov/Archives/edgar/data/1341439/000119312526443918/d87441dfwp.htm#:~:text=%242%2C000%2C000%2C000%20of%207.000%25%20Notes%20due%202029) to [8.650% notes due 2046](https://www.sec.gov/Archives/edgar/data/1341439/000119312526443918/d87441dfwp.htm#:~:text=%241%2C500%2C000%2C000%20of%208.650%25%20Notes%20due%202046). - Both November 2 supplements say the money may go to capital spending, debt repayment, acquisitions, and "[payment of cash dividends on or repurchases of our common stock](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=payment%20of%20cash%20dividends%20on%20or%20repurchases%20of%20our%20common%20stock)." - At August 31, 2026, Oracle had [total liabilities of 236.1 billion dollars](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm#:~:text=approximately%20%24236.1%20billion%20of%20total%20liabilities%20outstanding%20on%20a%20consolidated%20basis), [including 125.3 billion dollars of senior unsecured borrowings](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm#:~:text=including%20%24125.3%20billion%20of%20senior%20unsecured%20borrowings). ## Article Oracle sells cloud computing, databases and business software. On November 2, 2026, it filed three offering documents with the US Securities and Exchange Commission (SEC), alongside a new registration statement. I read the three offering documents and the [October 28 investor-day release](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm) they follow. Everything below comes from those filings unless I say it is my reading. ### The promise of October 28 Oracle furnished its investor-day release to the SEC on October 28, 2026. The promise reads "[Committed to limiting additional capital raises through FY30 to $20 billion, excluding refinancing of existing debt](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=Committed%20to%20limiting%20additional%20capital%20raises%20through%20FY30%20to%20%2420%20billion)". Oracle's [fiscal year ends on May 31](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=fiscal%20year%20ended%20May%2031%2C%202026). ### Five days later, the whole amount On Monday, November 2, Oracle filed a [preliminary prospectus supplement for 10 billion dollars of common stock](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=We%20are%20offering%20%2410%2C000%2C000%2C000%20of%20shares%20of%20our%20common%20stock). It filed [another for 10 billion dollars of senior notes](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm). In my words, a prospectus supplement sets out the terms of one sale under a registration statement filed the same day. The stock document leaves the price blank. It assumes [76,528,659 shares at 130.67 dollars](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=assuming%20sales%20of%2076%2C528%2C659%20shares%20in%20this%20offering%20at%20a%20price%20of%20%24130.67%20per%20share), the closing price on October 30. Against [3,023,726,695 shares outstanding on August 31](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=based%20on%203%2C023%2C726%2C695%20shares%20outstanding%20as%20of%20August%2031%2C%202026), that is about 2.5% more shares, by my arithmetic. The filing says [the actual number will vary with the sale price](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=The%20actual%20number%20of%20shares%20issued%20will%20vary%20depending%20on%20the%20sales%20price). I checked [Oracle's filing list on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1341439&type=&dateb=&owner=include&count=40) on November 4, 2026, most recently at 08:00 UTC. It held no final pricing document for the shares. The notes moved faster. A [final pricing term sheet dated November 2](https://www.sec.gov/Archives/edgar/data/1341439/000119312526443918/d87441dfwp.htm#:~:text=FINAL%20PRICING%20TERM%20SHEET) lists five series that add up to 10 billion dollars. | Notes due | Amount | Coupon | Yield to maturity | |---|---|---|---| | 2029 | 2.0 billion dollars | 7.000% | 7.062% | | 2031 | 1.75 billion dollars | 7.450% | 7.464% | | 2033 | 2.25 billion dollars | 7.850% | 7.851% | | 2037 | 2.5 billion dollars | 8.000% | 8.015% | | 2046 | 1.5 billion dollars | 8.650% | 8.667% | By my arithmetic, the coupons come to about 777 million dollars of interest a year. ### What the cap leaves out The release itself limits the promise to money raised in the capital markets. - **Refinancing.** Rolling over existing debt is excluded in the release's own words. - **The earlier share sale.** The cap is [in addition to the 20 billion dollar share sale](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=This%20is%20in%20addition%20to%20the%20%2420%20billion%20at%2Dthe%2Dmarket%20equity%20raise%20completed%20in%20the%20first%20quarter%20of%20fiscal%202027) completed by August 31, 2026. - **Other financing.** The release expects "[Vendor financing, customer-provided hardware and customer prepayments](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=Vendor%20financing%2C%20customer%2Dprovided%20hardware%20and%20customer%20prepayments)" to reduce upfront cash needs. The notes document says Oracle expects "[to incur additional borrowings or other liabilities under vendor financing, leases and other financing arrangements](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm#:~:text=we%20expect%20to%20incur%20additional%20borrowings%20or%20other%20liabilities%20under%20vendor%20financing%2C%20leases%20and%20other%20financing%20arrangements)". By my arithmetic, Oracle has sold or filed to sell 40 billion dollars of shares and notes in fiscal 2027 so far. The cap appears in the investor-day release that Oracle furnished to the SEC. It is not a term of the securities. The notes' own covenants "[do not limit our ability to incur indebtedness](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm#:~:text=These%20covenants%20do%20not%20limit%20our%20ability%20to%20incur%20indebtedness)". Oracle's debt target uses a wider measure. The release aims for [net debt below 3.5 times adjusted EBITDA in fiscal 2029](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=net%20debt%20to%20adjusted%20EBITDA%20will%20be%20below%203.5%20times%20in%20FY29). EBITDA is profit before interest, taxes, depreciation and amortisation. The release says net debt "[includes borrowings, vendor financing, and operating and finance lease liabilities](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=Net%20debt%20includes%20borrowings%2C%20vendor%20financing%2C%20and%20operating%20and%20finance%20lease%20liabilities)". My reading: that ratio, which counts leases and vendor financing, says more about Oracle's debt than the cap does. ### What the money is for CNBC's headline on November 2 read "[Oracle files to sell $20 billion in new stock, bonds to finance AI buildout](https://www.cnbc.com/2026/11/02/oracle-files-to-sell-20-billion-in-new-stock-bonds-to-finance-ai-buildout.html#:~:text=Oracle%20files%20to%20sell%20%2420%20billion%20in%20new%20stock%2C%20bonds%20to%20finance%20AI%20buildout)". The release ties the cap to Oracle's "[FY27-FY30 investment cycle](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm#:~:text=for%20its%20FY27%2DFY30%20investment%20cycle)". The stock document is broader. It says the money "will be used for general corporate purposes, which may include capital expenditures, repayment of indebtedness, future investments or acquisitions and [payment of cash dividends on or repurchases of our common stock](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=payment%20of%20cash%20dividends%20on%20or%20repurchases%20of%20our%20common%20stock)." My reading: the headline is a fair guess at intent, but the filings do not commit the money to AI or to data centres. ### One number, two labels The two supplements label Oracle's obligations at August 31, 2026 differently. The stock document calls them "[$236.1 billion in aggregate principal amount of consolidated indebtedness outstanding](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm#:~:text=%24236.1%20billion%20in%20aggregate%20principal%20amount%20of%20consolidated%20indebtedness%20outstanding)". The notes document calls the same 236.1 billion "[total liabilities](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm#:~:text=approximately%20%24236.1%20billion%20of%20total%20liabilities%20outstanding%20on%20a%20consolidated%20basis)", "including $125.3 billion of senior unsecured borrowings". Its capitalization table shows [total debt](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm#:~:text=Total%20debt) of 125,337 million dollars. My reading: the notes document's label matches its own table, so Oracle's borrowing was about 125 billion dollars, not 236 billion. ### What I could not check - **Where the money goes.** Oracle gives no split between data centres, debt repayment and dividends. - **Bank lines.** At August 31, Oracle [could borrow up to 19.7 billion dollars more](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm#:~:text=had%20the%20ability%20to%20borrow%20up%20to%20an%20additional%20%2419.7%20billion) under its revolving credit facility and commercial paper program. The release does not say whether that borrowing counts against the cap. - **Whether the cap holds.** Neither supplement repeats it. I found it only in the investor-day release. ## Sources - [release] [Oracle Investor Day 2026 press release, Exhibit 99.1 to Form 8-K (October 28, 2026)](https://www.sec.gov/Archives/edgar/data/1341439/000119312526435853/d75538dex991.htm) - [filing] [Oracle preliminary prospectus supplement, 10 billion dollars of common stock, Form 424B5 (November 2, 2026)](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442729/d181425d424b5.htm) - [filing] [Oracle preliminary prospectus supplement, 10 billion dollars of senior notes, Form 424B2 (November 2, 2026)](https://www.sec.gov/Archives/edgar/data/1341439/000119312526442722/d181336d424b2.htm) - [filing] [Oracle final pricing term sheet for the notes, free writing prospectus (November 2, 2026)](https://www.sec.gov/Archives/edgar/data/1341439/000119312526443918/d87441dfwp.htm) - [data] [Oracle Corporation filing list on SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1341439&type=&dateb=&owner=include&count=40) - [article] [Oracle files to sell $20 billion in new stock, bonds to finance AI buildout (CNBC, November 2, 2026)](https://www.cnbc.com/2026/11/02/oracle-files-to-sell-20-billion-in-new-stock-bonds-to-finance-ai-buildout.html)