Oracle projects $30bn free cash flow by 2029 as AI payoff accelerates

Oracle told investors it expects free cash flow to reach $30bn by 2029 as its artificial-intelligence strategy begins contributing sooner than previously expected, according to the Financial Times. The company also plans to limit additional fundraising for its data-centre expansion to $20bn.

The message addresses two linked investor concerns: how quickly AI demand can translate into cash generation, and how much outside capital Oracle will need to support the build-out. The figures give the market a longer-dated cash-flow target alongside a ceiling for additional financing.

The direct mechanism for Oracle is its data-centre investment. More financing would support capacity expansion, while the projected free cash flow would provide a future source of funding and reduce the dependence on additional capital if the target is met. Oracle reported $67.4bn of revenue for fiscal 2026, up 17.3% year over year, with diluted EPS of $5.83.

The timing and funding assumptions remain the key uncertainties. The $30bn projection is a 2029 target rather than current-period cash flow, and the $20bn limit concerns additional fundraising for the data-centre strategy rather than the total cost of the build-out.

The next evidence will be Oracle’s quarterly results and any update to its capital plans. Investors will need to compare subsequent cash generation, financing needs and AI-related demand with the 2029 projection.