Oracle filed to raise $20 billion in stock and bonds, Anthropic disclosed $33.24 billion in nine-month revenue ahead of its IPO, and Marvell announced an all-stock deal valuing Lumentum at $115 billion — all on the same Monday morning.
Three separate capital markets moves on Monday underscored the scale of spending now coursing through the artificial intelligence industry, as Oracle filed to raise $20 billion, Anthropic disclosed a $17 billion third quarter in an amended IPO prospectus, and Marvell Technology announced an all-stock deal valuing Lumentum at an implied $115 billion.
Oracle filed plans with the Securities and Exchange Commission to issue $10 billion in common stock and $10 billion in senior notes, with proceeds earmarked for general corporate purposes that may include capital expenditures, debt repayments, and future investments.
The fundraise had been outlined the prior week at the company's investor day, where Oracle also issued a revenue forecast of at least $225 billion for fiscal 2030. Despite that prior disclosure, Oracle shares fell more than 4% on Monday.
Oracle's stock is down 33% in 2026 and 50% over the past 12 months, reflecting investor concern over the debt load the company has assumed to fund AI infrastructure. As of August 31, Oracle carried $125.34 billion in debt, the bulk of it in senior notes.
Credit markets have registered similar unease. The yield on Oracle's investment-grade 4.95% bond due in 2031 stood at 7.157%, and its five-year credit default swaps — insurance against default — sat at a spread of 296, up 270% over one year. According to S&P Global Market Intelligence's Gavan Nolan, that spread is more in line with a high-yield, or junk, rating. S&P downgraded Oracle to BBB- in July, one notch above high yield.
In a separate filing, Anthropic submitted an amended Form S-1 to the SEC disclosing third-quarter financials for the first time. The company said it generated approximately $17 billion in revenue during the quarter and $33.24 billion in total revenue for the nine months ended September 30 — up roughly 1,200% from the same period a year earlier.
Anthropic reported a net loss of $23.29 billion for the third quarter alone. For the nine-month period, the net loss reached $104 billion, though the company noted most of that figure stemmed from changes in the fair value of convertible notes and derivative liabilities. Over the same stretch in 2025, Anthropic lost $25.1 billion.
The five-year-old company, best known for its Claude family of AI models, primarily serves enterprise customers. Its amended S-1 disclosed aggregate purchase commitments and lease agreements of approximately $895.4 billion, "substantially all of which is related to compute and infrastructure," according to the filing.
Anthropic's initial prospectus, filed the prior week, had included only first-half financials. The amended filing gives prospective investors a fuller view of the company's trajectory ahead of what could be a historically large IPO.
On the deal front, Marvell Technology said it would acquire optical components maker Lumentum in an all-stock transaction, with the company placing an implied enterprise value of $115 billion on Lumentum. Under the fixed-ratio agreement, Lumentum shareholders will receive 4.5 Marvell shares for each Lumentum share. Because no cash changes hands, the ultimate value of the deal will depend on Marvell's share price at close.
"AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," Marvell Chairman and CEO Matt Murphy said in a release.
The transaction is expected to close in the first half of 2028. Marvell said combining its electrical technologies with Lumentum's optical components would allow it to address accelerating AI connectivity demands as hyperscalers and cloud providers increasingly rely on optical connections to link the chips used to train and run large language models.
Marvell closed a separate deal for optical interconnectivity startup Celestial AI earlier in 2026. The company's market value has more than tripled over the past three years. Lumentum's stock has more than doubled in 2026 alone. Both stocks declined in premarket trading Monday, with Marvell down roughly 3% and Lumentum off about 4%.
Taken together, the three events on a single morning reflect the degree to which AI capital commitments — from equity raises to debt issuance to M&A — are now reshaping balance sheets and deal pipelines across the technology sector, even as questions about the long-term sustainability of that spending grow louder among investors.
Marc Sabatini is a staff writer at TechEchelon covering enterprise software, cybersecurity, and the regulatory beats that shape both. He focuses on the deal flow and policy decisions that move markets.
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