The AI industry’s effort to build as many data centers as possible has spurred trillions in global debt. If that worries you, prepare to get even more worried. Oracle said in its earnings report on Wednesday that it would raise another $40 billion in the next fiscal year through debt and equity financing, on top of the $43 billion in debt that it raised in the past fiscal year. With well above $100 billion, Oracle is one of the top debt issuers in the AI race. The money is meant to account for the record amounts of cash it has spent and plans to spend on the unprecedented AI infrastructure buildout the company is undertaking. In the past fiscal year alone, Oracle’s capital expenditures came in at $55.7 billion, more than $5 billion higher than previous estimates, which were already deemed a hefty commitment considering it was roughly double what it spent in the year prior. A year ago, Oracle’s dedication to spending money on AI would have made investors sing. Last year, President Trump announced Stargate, a program that would see Oracle build AI data centers worth 7 gigawatts of planned capacity, aka the capacity to power more than 5 million homes. Oracle’s new position at the center of this AI gold rush got the stock soaring so much that it briefly made Oracle co-founder Larry Ellison the richest man in the world.