Oracle projects up to $95 billion in capital spending for fiscal 2027 to expand its AI-focused cloud data centers, expecting to recoup $20–25 billion from customer repayments. It plans to raise nearly $40 billion through debt and equity, including a $20 billion at-the-market stock issuance, as it vies with Amazon and Microsoft.

• Oracle is guiding to $95B in capex for fiscal 2027, far above the $67.7B Wall Street expected, and it already overshot its FY2026 target ($55.66B vs. $50B goal)
• It's funding this with nearly $40B in new debt and equity, including a $20B at-the-market stock offering, raising leverage concerns
• Shares dropped 8.9% after-hours despite backlog (future contracted revenue) hitting $638B, beating the $592.5B forecast
• CFO warned gross margins will shrink as spending on data centers accelerates, with $70B of the capex being Oracle's own money and $20-25B customer-funded