Oracle plans to raise between $45 billion and $50 billion in 2026 to expand its cloud infrastructure for growing AI demands, using a mix of debt and equity. Roughly half of that will come from equity-linked and common stock, including mandatory convertible preferred securities — a type of preferred stock that must convert into common shares — plus an at-the-market program allowing gradual share sales. The company faces increased scrutiny as its debt rises and its reliance on OpenAI grows, despite OpenAI being unprofitable and unclear on its own infrastructure funding. Bondholders sued Oracle in January, and credit default swap costs on its debt hit a five-year peak last December, a report noted. Timing is key. Investors are increasingly pressing on who foots the bill for the data centers, chips, and power fueling the AI surge—and how long that demand can hold up after the initial frenzy dies down.