Oracle Projects $30B FCF by FY2029, Caps Fundraising at $20B

Oracle said free cash flow will reach $30 billion in the year ending May 2029 and capped new fundraising at $20 billion through May 2030, split evenly between shares and debt. Shares rose as much as 14% on Wednesday, Bloomberg reported via The Next Web, after sliding 33% year-to-date before the forecast.

The pivot follows a brutal cash year. Oracle spent $55.7 billion on data centers in the year to May 2026 and ran negative $23.7 billion in free cash flow over the same period. CFO Hilary Maxson, who joined in April 2026, delivered the forecast at the company's Las Vegas conference and said capacity will grow by about seven gigawatts in the next couple of years, exceeding ten gigawatts by the end of fiscal 2028. Oracle kept its $225 billion revenue target for fiscal 2030.

Oracle said "vendor financing, customer-provided hardware and customer prepayments are expected to reduce upfront cash requirements through the transition to positive free cash flow," which it now expects late in fiscal 2028. Anurag Rana of Bloomberg Intelligence said the plan "could ease concern about elevated capital spending beyond the next two years."

OpenAI remains the anchor customer in the buildout, and Oracle said it will also begin renting Google chips through its cloud. Our AI infrastructure tracker has logged 439 similar capex stories in the last 90 days.