Oracle is in talks with Apollo Global Management and Goldman Sachs to raise financing for its AI chip purchases, according to a report from TIKR.com — a push that comes as the company's total debt has climbed above $169 billion.

The figure anchors a financing challenge that now sits at the center of Oracle's cloud strategy. To compete for AI workloads against Amazon, Microsoft and Google, Oracle must buy accelerators — primarily Nvidia GPUs — at scale, and those purchases require capital far beyond what its operating cash flow comfortably covers.

Why does Oracle need outside financing for chips?

AI accelerators are expensive, supply-constrained assets. A cloud provider that commits to large GPU orders must pay for them up front, then recover the cost over multi-year customer contracts. Oracle has signed some of the largest AI infrastructure deals in the industry, and each new commitment increases the pressure to fund the corresponding hardware.

Debt above $169 billion, as cited by TIKR.com, means traditional bond issuance grows costlier and rating agencies grow watchful. That is why alternative structures — credit funds, private financing arranged through banks such as Goldman Sachs, or deals with asset managers like Apollo — have entered the picture. These channels can be faster and more flexible than public debt markets.

What roles do Apollo and Goldman play?

According to the report:

• Apollo, a major private credit manager, could supply direct lending or structured financing against Oracle's AI infrastructure assets.
• Goldman Sachs would likely arrange or underwrite the financing, drawing on its track record in large technology-sector debt deals.

Neither Oracle nor the two financial institutions has publicly confirmed the terms, size or timing of any arrangement, and TIKR.com's report does not specify them. The talks may still result in partial deals or no deal at all.

How does the debt load shape Oracle's position?

Crossing $169 billion in total debt is the concrete backdrop for the negotiations. Oracle has spent heavily on acquisitions and, more recently, on data-center expansion for AI workloads. Interest costs on that stack now compete with capex for cash.

The commercial logic is straightforward. Oracle's cloud revenue growth depends on deployed GPU capacity; deployed capacity depends on financing; financing depends on creditor confidence that AI contracts will convert into cash flow. Any structure Apollo or Goldman backs will presumably be tied to the revenue streams from Oracle's AI customers.

What happens next?

If Oracle secures the financing, it can keep pace with AI demand without immediately adding to its public debt burden — or at least on better terms. If talks stall, the company faces harder choices between slowing infrastructure spending and tapping bond markets at a moment when its leverage already exceeds $169 billion.

The outcome of these negotiations will signal how far private credit is willing to go in funding the AI hardware buildout, and at what price — a question now facing every hyperscaler racing to lock in accelerator supply.