Optionality

constrained/locked — negative FCF (-$23.7B), high leverage (debt $156B, D/E ~3.6x), cash pre-committed to the buildout; Ellison ~40%+ founder control is the one free lever

high confidence · as of 2026-07-26 · about Oracle

Sourced figures 3

stockanalysis.com ORCL cash-flow + balance sheet FCF -$23,686M FY26; total debt $156,189M vs $31.9B cash
2026-05 high
kestrel board.yaml houses larry-ellison Larry Ellison ~42.9% founder-control (per board.yaml houses), directs the AI capex
2026-07 med
companiesmarketcap.com (aggregate page) market cap ~$331.2B (SIDE-LABEL, not commanded capital)
2026-07 med

the working

Threads 5

Circular Financing developing
Stargate developing
Power Buildout open
Datacenter Sites open
Nuclear for AI open

A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Oracle.