$ORCL $CRWV $NBIS $IREN
$ORCL just gave the market a clear exit from being a massive AI debt issuer. VERY important for the rest of the stack.
~$54B FCF turnaround in 3 years. Positive in H2 FY28. ≥$30B in FY29. Capex peaks FY27–FY28 then declines. Self-funded from FY29.
Second-order: Oracle has been one of the largest incremental borrowers in the entire AI infrastructure complex.
When that supply leaves the market, credit conditions ease for the pure-play names still funding capacity.
That’s the relief valve for $NBIS $IREN $CRWV.
The funding overhang that has been weighing on the group just got lighter.
Bullish NeoClouds!
Oracle $ORCL targets $225B+ in annual revenue by FY2030.
Key financial targets:
• FY27 revenue: $90B+
• FY30 revenue: $225B+
• Revenue growth: 35%+ CAGR through FY30
• FY30 non-GAAP operating margin: 40%+
• FY30 non-GAAP EPS: $21+
• Positive free cash flow: 2H FY28
• FY29 free cash flow: $30B+
• CapEx to peak in FY27-FY28
• Growth to become self-funded in FY29
• FY29 net debt/EBITDA: Below 3.5x
Oracle also plans to limit additional capital raises through FY30 to $20B:
• $10B in equity
• $10B in debt
This excludes debt refinancing and is separate from the $20B equity raise already completed in Q1 FY27.