此一筹资计划出炉之际，市场对大型 AI 相关投资能否回收仍存疑虑。Oracle 股价较 9 月 10 日的历史高点下跌约 50%，市值蒸发约 US$460 billion（原数字：$460 billion）；周一盘前再跌约 3%，而上周五在纽约收盘下跌 2.6% 至 US$164.58（原数字：$164.58）。Bloomberg 汇整资料显示，AI 资料中心建置已使 Oracle 自由现金流转为负值，且预期将维持至 2030 年；公司未来数年将承担数以 tens of billions of dollars 计的支出，主要用于半导体与租赁。Gil Luria 认为，若筹资顺利可协助公司走出「深坑」，但投资级债务供给可能遭遇需求不足，而增发股权亦可能压抑股价。
在资金来源上，Oracle 拟约以一半透过股权连结工具与普通股筹资，包含强制转换优先股，并透过规模最高达 US$20 billion（原数字：$20 billion）的 at-the-market 计划发行；John DiFucci 指出，此举有助于向市场传达维持投资级评等的决心。其余目标资金将于 2026 年初透过一次性债券发行取得；公司在 2025 年曾借入 US$18 billion（原数字：$18 billion），为当年最大企业债之一。Oracle 表示 Goldman Sachs 将主导无担保高顺位债券发行，Citigroup 将主导 at-the-market 与强制转换优先股发行；随著 Oracle 负债扩张与 AI 泡沫疑虑升温，投资人涌入其信用违约交换（CDS），使部分合约价格在 12 月升至 2008 年金融危机以来最高。投资核心之一是与 OpenAI 的合约：OpenAI 承诺约支出 US$300 billion（原数字：$300 billion）向 Oracle 租用伺服器，但 OpenAI 仍未获利，进一步放大对庞大资本支出回报时点不明的担忧；Luria 亦称周日下午发布重大消息对成熟企业并不寻常，可能意在于周一开盘前稳住股价。
In 2026, Oracle plans to raise about US$45–50 billion (original figures: $45–$50 billion) through a mix of debt and equity to build additional cloud infrastructure capacity, underscoring the financing scale needed to support AI-driven growth. The company said the added capacity is intended to meet contracted demand from its largest cloud customers, including Advanced Micro Devices, Meta Platforms, Nvidia, OpenAI, TikTok, and xAI, in a statement released on Sunday, 2026-02-02 (GMT+8).
The plan lands amid persistent concern over whether massive AI-linked investments will pay off. Oracle’s shares are down about 50% from a record on Sept. 10, erasing roughly US$460 billion (original figure: $460 billion) of market value; the stock fell about 3% in Monday premarket trading, after declining 2.6% to close Friday in New York at US$164.58 (original figure: $164.58). Bloomberg-compiled data indicate AI data-center development has pushed Oracle’s free cash flow negative, and it is expected to remain negative until 2030; the company is committed to tens of billions of dollars of spending in coming years, largely for semiconductors and leases. Gil Luria said completing the raise could help Oracle climb out of a “considerable hole,” but appetite for that much investment-grade debt may be limited, and issuing equity could also weigh on the share price.
Oracle said it expects to raise roughly half the target via equity-linked and common equity, including mandatory convertible preferred securities and an at-the-market program of up to US$20 billion (original figure: $20 billion); John DiFucci argued equity issuance would signal commitment to maintaining an investment-grade rating. The remainder would come from a single bond sale early in 2026; Oracle previously borrowed US$18 billion (original figure: $18 billion) in 2025 in one of that year’s largest corporate offerings. Goldman Sachs will lead the senior unsecured bond deal and Citigroup will lead the at-the-market and mandatory convertible preferred equity offering; as Oracle’s debt grew and AI-bubble worries rose, investors piled into Oracle-linked credit default swaps, pushing prices on some contracts in December to the highest since the 2008 financial crisis. A central pillar is Oracle’s contract with OpenAI, which has committed to spend about US$300 billion (original figure: $300 billion) renting servers from Oracle; because OpenAI is not profitable, the deal intensifies concerns about heavy capital expenditures without a clear timeline for meaningful returns. Luria also noted that making such an announcement on a Sunday afternoon is unusual for a mature company and may be aimed at stabilizing the share price ahead of Monday’s open.