Oracle Nears a $10B Share Sale at $116, an 11% Discount, on the Heels of Its $10B Bond Deal
Together the stock and bond sales would raise about $20B for AI spending, with Bank of America leading both, according to Bloomberg.
Oracle (ORCL) is nearing a $10 billion common stock offering at $116 per share, an 11% discount to Friday's $130.67 close, according to a Bloomberg report. The potential sale follows the separate $10 billion bond offering the company marketed on Monday, Nov. 2, as it raises capital for AI infrastructure. Pricing and size are still being negotiated, and the offering has not been priced.
What is reported
| Item | Detail |
|---|---|
| Stock offering | About $10 billion at $116 a share; pricing and size still under negotiation |
| Demand | Reportedly above the proposed size, with interest from existing shareholders, sovereign wealth funds and long-only investors |
| Bond sale | $10 billion across five tranches maturing in 3 to 20 years |
| Lead bank | Bank of America on both transactions |
By our calculation, $10 billion at $116 equals about 86 million shares, versus about 76.5 million shares at $130.67 in the preliminary prospectus, or roughly 10 million more. Against the roughly 3.02 billion shares outstanding cited in that prospectus, 86 million shares would be about 2.9% dilution.
How it fits Oracle's funding plan
Oracle has already raised billions through share sales this year, including an at-the-market program, as it spreads AI funding across stock and debt. In our earlier report, Oracle had said in February that a roughly $25 billion bond sale would be its only 2026 debt issuance, and at its Oct. 28 investor day it outlined up to $20 billion of new capital through fiscal 2030, split between debt and equity. The Monday bond and the proposed stock sale together would be about $20 billion, by our calculation, the same size as that plan.
The stock
Oracle shares fell about 6% on Monday, according to published reports, and have lost more than $60 billion in market value since Wednesday's close. The $116 price would sit well below Friday's close, which is the reference the prospectus used.
What to watch
- Final pricing. Whether Oracle prices at $116, and the final size and any upsizing given the reported demand.
- Bond trading. How the five new tranches trade against the stock sale.
- Dilution. The final share count and any underwriter option.
- Next steps. Whether Oracle needs more capital before fiscal 2030. Filings are on its investor relations site and the SEC.
- Related coverage. See our earlier Oracle report, Meta's bond plans and the Nasdaq analysis.
Sources: Oracle's investor relations site and SEC filings. The $116 price, demand, tranche details and lead bank come from published reports and may change before pricing. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.
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