COMPANY PROFILE / AI & MACHINE LEARNING
Oracle
From a database company to a large-scale provider of AI GPU cloud, with backlog and capital expenditure swelling at once
The Form 10-K for the year to May 2026 shows RPO (backlog) of US$638 billion (US$138 billion a year earlier) and capital expenditure of US$55.7 billion (US$21.2 billion a year earlier). By the end of August 2026 RPO had reached US$664 billion. Neither is an AI-only figure, but this was the year in which large AI contracts on OCI showed up in company-wide results. This profile looks not at the whole company but at the parts that touch AI and machine learning: OCI, AI datacenters and AI-ready databases, and sets out from primary sources what it is investing in, who it works with and what it is aiming for. Contracts, investments and datacenter plans reflect what was published as of 15 October 2026 and are treated as not yet confirmed. The fiscal year ends in May.
- Oracle in 30 seconds, and where it stands in AI and machine learning
- The logo and how the name is written
- Where the company sits in AI and machine learning
- Scale (limited to the parts that touch AI)
- Resources committed to AI and machine learning
- What it has done so far
- What comes next
- What the company is aiming for in AI and machine learning
- Map of AI and machine learning partnerships
- Technologies, products and services
- Risks this company carries
- Glossary, references and claim-to-source audit
1. Oracle in 30 seconds, and where it stands in AI and machine learning
NYSE: ORCLFiscal year ends on 31 May
Platforms & adopters (secondary)Builds AI into its databases and applications
Oracle AI DatabaseGPU cloud and an AI-ready data platform
Oracle is best known for databases and business applications, but in AI and machine learning it is shifting its weight towards renting out AI-oriented GPU cloud (OCI) at very large scale. According to its 10-K, cloud infrastructure revenue in FY2026 was US$18.1 billion (up 77%), capital expenditure was US$55.7 billion, and RPO rose from US$138 billion to US$638 billion (about 4.6 times; Our calculation) Sourced.
At the same time, free cash flow was negative US$23.7 billion, and Oracle is funding the build-out with senior notes (US$43.0 billion par in FY2026), preferred stock and an equity offering Sourced. On why RPO grew, the 10-K says only that “certain significant cloud contracts” were signed; it names no customers and gives no per-contract amounts. This profile does not estimate them either.
2. The logo and how the name is written
A note on names: the legal name is Oracle Corporation. Many products carry the Oracle name, and OCI (cloud infrastructure), Oracle AI Database (the database with AI capabilities added) and Oracle Fusion Cloud (business applications) are different products Sourced. This profile centres on OCI’s AI infrastructure and keeps business applications and hardware to a minimum.
Official website: https://www.oracle.com/3. Where the company sits in AI and machine learning
4. Scale (limited to the parts that touch AI)
Oracle also sells business applications and hardware, but this profile covers only the parts related to AI: OCI, datacenters and financing. Figures come from the Form 10-K for the year to 31 May 2026 and the Form 10-Q for the quarter to 31 August 2026 Sourced.
| Measure (US$ million) | FY2024 (year to May 2024) | FY2025 (year to May 2025) | FY2026 (year to May 2026) |
|---|---|---|---|
| Total revenue | 52,961 | 57,399 | 67,357 |
| Operating income | 15,353 | 17,678 | 20,606 |
| Research and development | 8,915 | 9,860 | 10,272 |
| Capital expenditures | 6,866 | 21,215 | 55,663 |
| Cloud infrastructure revenue (OCI) | - | 10,234 | 18,101 |
| Cloud applications revenue | - | 14,272 | 15,888 |
| First quarter of FY2027 (June to August 2026) | June to August 2026 | Same quarter a year earlier |
|---|---|---|
| Total revenue (US$ million) | 19,345 (up 30%) | 14,926 |
| Cloud infrastructure revenue (US$ million) | 7,388 (up 121%) | 3,347 |
| Operating income (US$ million) | 6,728 | 4,277 |
| Capital expenditures (US$ million) | 28,499 | 8,502 |
| Other basics | Details |
|---|---|
| Employees (31 May 2026) | About 141,000 (about 49,000 in the U.S. and about 92,000 elsewhere). AI-dedicated headcount is not given in the 10-K |
| Headquarters | Austin, Texas (owned; about 0.9 million square feet) |
| Cash and marketable securities (31 May 2026) | US$31.9 billion (US$11.2 billion a year earlier) |
| Operating cash flow / free cash flow (FY2026) | US$32.0 billion / negative US$23.7 billion (free cash flow is operating cash flow less capital expenditures, as the company defines it) |
The figures above are company-wide or for OCI as a whole and do not show the size of AI alone. Cloud infrastructure revenue also includes OCI use unrelated to AI, such as databases and general-purpose compute. The 10-K says the operating margin of the cloud and software business fell from 63% to 59%, which it attributes to higher infrastructure expenses to support growth in OCI Sourced.
5. Resources committed to AI and machine learning
Oracle does not disclose headcount, R&D spending or capital expenditure for AI alone. The table shows what could be confirmed from filings and Oracle’s own pages.
| Resource | What could be confirmed | Type |
|---|---|---|
| People | About 141,000 employees overall. AI-dedicated staff are not disclosed. In FY2026 Oracle recorded “Restructuring and other” expenses of US$1.84 billion, mainly severance under its 2026 Restructuring Plan (10-K) | Sourced |
| Money (R&D and capital expenditure) | R&D of US$10.27 billion and capital expenditure of US$55.66 billion in FY2026. The 10-K attributes the rise in capital expenditure mainly to datacenter expansion and expects it to keep rising in FY2027 and beyond. The AI share is not disclosed | Sourced |
| Outside investments and divestments | Oracle sold its interest in Ampere Computing Holdings when SoftBank Group Corp. acquired Ampere on 25 November 2025, receiving US$4.3 billion in cash and recording a US$2.7 billion gain (10-K). Investments in AI model developers are not in the 10-K or 10-Q | Sourced |
| Universities, research institutions and public funding | No AI-related university collaboration or public funding such as NAIRR appears in the 10-K, the 10-Q or the sources used here. Oracle’s page mentions donations and education funds for schools near datacenter sites (community outreach, not research collaboration) | Not found |
| Datacenter size (MW or GW) | In the first quarter of FY2027 Oracle says it delivered “850MW additional datacenter capacity” (results release); it does not say whether MW means IT load or utility capacity. Zettascale10 is described as “multi-gigawatt” (company description). Per-site MW is not given on Oracle’s page | Not yet confirmed |
Status by site (Oracle’s own page, checked 15 October 2026)
| Site | What Oracle’s page says | Stage |
|---|---|---|
| Abilene, Texas | As of September 2026, 75% of total capacity delivered, with the remainder delivering in subsequent quarters | In operation, partly delivered |
| Shackelford County, Texas | Contracted in August 2025. Customer delivery begins in the first half of 2027 | Contracted, under construction (delivery in the future) |
| Doña Ana County, New Mexico | Contracted in September 2025. Customer delivery begins in the first half of 2027. The power design is based on Bloom Energy fuel cells | Contracted, under construction (delivery in the future) |
| Port Washington, Wisconsin | Contracted in September 2025. Customer delivery expected in the second half of 2027 | Contracted, under construction (delivery in the future) |
| Saline Township, Michigan | Contracted in October 2025. Customer delivery begins in the second half of 2027. The network core is due at the end of this calendar year | Contracted, under construction (delivery in the future) |
The “stage” column is our own summary of the wording on Oracle’s page. IT load and utility capacity (MW) for each site, and the date of any final investment decision, are not given on the page Not yet confirmed.
Contractual commitments as disclosed (31 May and 31 August 2026, using the 10-K and 10-Q definitions)
| Item (US$ million) | 31 May 2026 | 31 August 2026 |
|---|---|---|
| Notes payable and other borrowings, total | 129,541 | - |
| Operating lease liabilities | 30,190 | - |
| Finance lease liabilities | 7,701 | - |
| Leases not yet commenced (substantially all datacenters) | 260,000 | 288,000 |
| Unconditional purchase obligations (power, components and others) | 13,309 | 34,150 |
The 10-K says the leases not yet commenced are expected to start between the first quarter of FY2027 and FY2029 with terms of 15 to 19 years; the 10-Q says they start between the second quarter of FY2027 and FY2029. The 10-K also says Oracle has guaranteed up to US$3.3 billion of one lessor’s borrowing Sourced. It adds that after 31 May Oracle entered into a further US$19 billion of unconditional purchase commitments for cloud infrastructure assets, with a five-year term. These are obligations as disclosed, not an assessment of Oracle’s finances. The unconditional purchase obligations cover mainly datacenter power arrangements in the 10-K but also long-term component supply in the 10-Q, so the two scopes differ and the figures should not be compared directly.
| Financing (FY2026 to the first quarter of FY2027) | Details |
|---|---|
| Senior notes | US$43.0 billion par of senior notes issued in FY2026 (US$42.7 billion net proceeds) |
| Preferred stock | 6.50% Series D Mandatory Convertible Preferred Stock issued on 5 February 2026, net proceeds US$5.0 billion |
| Common stock (ATM) | An at-the-market programme of up to US$20 billion started on 2 February 2026. In the first quarter of FY2027 it issued 141 million shares for net proceeds of US$19.9 billion, completing the programme |
| Other | In March 2026, a new US$10.0 billion five-year revolving credit agreement and a US$10.0 billion commercial paper programme. Customer prepayments with a significant financing component were US$4.6 billion in FY2026 and US$11.4 billion in the first quarter of FY2027 |
| Company outlook | “In fiscal 2027 Oracle expects to raise approximately US$40 billion through debt and equity (including the US$20 billion ATM), and does not expect to issue additional debt in calendar 2026” (results release of 10 June 2026; not yet confirmed) |
Oracle’s 10-K defines RPO as contracted revenues that have not yet been recognized, including deferred revenues; invoices issued but uncollected and not recognized; and amounts that will be invoiced and recognized as revenue in future periods. At 31 May 2026 it was US$638 billion, of which about 12% is expected to be recognized over the next twelve months, 34% in months 13 to 36, 34% in months 37 to 60, and the rest (about 20%; our calculation) after that. At 31 August 2026 it was US$664 billion (13%, 37% and 34%, with about 16% after that) Sourced.
The 10-K gives the reason for the increase only as “certain significant cloud contracts entered into during the period” and shows no customer names or per-contract amounts. The 10 June 2026 results release says most of the increase was large AI contracts in which the customer prepaid for the GPUs or bought them and supplied them to Oracle, and that these prepaid and customer-supplied portions total US$75 billion Sourced. So the RPO is not an AI-only figure but an accumulation of contracts weighted towards later years, and this profile does not read its size as a measure of the strength of AI demand Not yet confirmed.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 22 July 2025 | An announcement about OpenAI’s “Stargate” (title: Stargate Advances with 4.5GW Partnership with Oracle) is listed on Oracle’s page. We could not confirm its text | The scale of the plan is known only from the title; whether it means IT load or utility capacity could not be confirmed |
| August to October 2025 | Contracted the Shackelford, Doña Ana, Port Washington and Saline Township sites (Oracle’s page) | AI-dedicated datacenters in several states at the same time |
| 14 October 2025 | Unveiled OCI Zettascale10, spanning several datacenters with a target of up to 800,000 NVIDIA GPUs, described as the fabric of the flagship cluster with OpenAI in Abilene. The same day it announced an AI supercluster of 50,000 AMD Instinct MI450 GPUs, to be offered from the third quarter of calendar 2026 | A plan to offer both NVIDIA and AMD GPUs |
| 25 November 2025 | SoftBank Group acquired Ampere Computing and Oracle sold its stake | Stepped back from its own chip-company investment |
| February to March 2026 | Put in place the ATM programme (up to US$20 billion), Series D preferred stock (US$5.0 billion), senior notes and a US$10.0 billion revolving credit agreement | Funding capital expenditure with both debt and equity |
| 10 June 2026 | Fourth-quarter FY2026 results: RPO of US$638 billion and US$75 billion of customer-prepaid or customer-supplied hardware | Backlog and funding plans disclosed |
| 10 September 2026 | First-quarter FY2027 results: RPO of US$664 billion, 850 MW of datacenter capacity delivered, more than 300,000 GPUs delivered to customers, ATM completed | Deliveries are accelerating |
7. What comes next
from calendar Q3 2026From the October 2025 announcement. Expands in 2027. Start not confirmed here
All of the above are company targets or plans, and none is guaranteed Not yet confirmed. Oracle says costs in the cloud and software business will keep growing “during fiscal 2027 and in the next few fiscal years” as it adds datacenter capacity and enters new regions Sourced.
None of the following appears in the sources used here Not yet confirmed.
MW (IT load or utility capacity) for each site / the amount and term of any contract with OpenAI (in Oracle’s filings) / RPO by customer / whether the AMD MI450 offering has actually started / AI-only revenue and profit. Figures from press reports or earnings-call remarks are not used here.
8. What the company is aiming for in AI and machine learning
This part includes points the company has not stated directly. They are inferences from primary sources, set out with their basis.
| What can be read | Primary-source basis | Type |
|---|---|---|
| Growth as a cloud provider of AI infrastructure is the top priority | Cloud infrastructure revenue rose 77% and capital expenditure 2.6 times. The results release says demand for AI cloud “continues to grow faster than supply” | Inference |
| It limits its own funding burden through customer prepayments and customer-supplied GPUs | The results release says the prepaid and customer-supplied portions of large AI contracts total US$75 billion and “substantially reduce” the capital Oracle must raise | Inference |
| It offers both NVIDIA and AMD GPUs and does not lean on a single supplier | Zettascale10 is built on NVIDIA and the MI450 offering on AMD, each per official announcements | Inference |
| It is funding capital expenditure ahead of demand with debt and equity | Free cash flow of negative US$23.7 billion, US$43.0 billion of notes and US$5.0 billion of preferred stock in FY2026, and US$19.9 billion of equity in the first quarter of FY2027 | Sourced |
| It will keep building AI into databases and applications | The 10-K’s product descriptions (Oracle AI Database, Autonomous AI Database, AI agents). Cloud applications revenue grew only 11% | Sourced |
The June 2026 results release says most of the increase in RPO came from large AI contracts in which the customer prepaid for the GPUs or bought them and supplied them to Oracle, totalling US$75 billion Sourced.
From this we read Oracle as moving, through contract structure, towards having customers bear part of the capital expenditure Not yet confirmed. However, the filings do not say what share of the US$638 billion RPO the US$75 billion represents, or the term and termination conditions of each contract, and the customers are not named. The size of the numbers alone does not show that the risk is small.
9. Map of AI and machine learning partnerships
10. Technologies, products and services
| Product or facility | Scale and specifications (developer’s stated values) | Stage | Date and source |
|---|---|---|---|
| OCI (AI Infrastructure) | Virtual machines using GPUs, bare metal and high-performance computing, usable for AI model training and inference (10-K description). Cloud infrastructure revenue was US$18.1 billion in FY2026 | In service | 10-K (22 June 2026) |
| OCI Zettascale10 | Spans several datacenters with hundreds of thousands of NVIDIA GPUs; up to about 16 zettaFLOPS of peak performance (Oracle’s figure; the announcement gives no precision conditions). Initial target of up to 800,000 GPUs | Orders open (October 2025). Availability was stated as the second half of the following calendar year (current status not confirmed) | Oracle announcement (14 October 2025) |
| AMD Instinct MI450 supercluster | Initial 50,000 GPUs. Per GPU, up to 432 GB of HBM4 and 20 TB/s of memory bandwidth. Liquid-cooled racks of 72 GPUs (AMD “Helios” design) | From calendar Q3 2026 (not yet confirmed) | Oracle announcement (14 October 2025) |
| Oracle AI Database / Autonomous AI Database | A database with AI capabilities, offered on OCI, on other hyperscale clouds (multicloud) and in customers’ datacenters (10-K). No breakdown of users or revenue | In service | 10-K |
| OCI deployment options | OCI Dedicated Region, Sovereign Cloud, Alloy, Exadata Cloud@Customer and others, matched to customers’ sites and regulation (10-K) | In service | 10-K |
Oracle’s own materials show that capacity depends on power, cooling and networking, not only chips Sourced. The 10-K’s risk factors say datacenter expansion depends on “suitable, permitted build sites; reliable and predictable power sources; networking hardware; and server availability, including graphics processing units, memory devices and other critical components”, and that power for AI compute is constrained worldwide.
Oracle’s page says its sites use closed-loop, non-evaporative cooling that keeps water use at the largest AI datacenters “on par with a typical office building”. The New Mexico site is designed to run on fuel cells from Bloom Energy. For networking, the Zettascale10 announcement describes housing clusters within a two-kilometre radius to cut GPU-to-GPU latency. The AMD MI450 offering stresses liquid-cooled racks of 72 GPUs and up to 432 GB of HBM4 per GPU. See also our explainers on power and cooling for AI datacenters, training clusters and interconnects, and HBM.
11. Risks this company carries
| Risk | Details | Type |
|---|---|---|
| Cash flow and financing | Free cash flow was negative US$23.7 billion in FY2026 and about negative US$5 billion in the first quarter of FY2027. Funding comes from notes, preferred stock and equity, and the 10-K lists the risk that debt cannot be refinanced or only on worse terms | Sourced |
| Size of future obligations | US$288 billion of leases not yet commenced (substantially all datacenters), US$129.5 billion of notes and borrowings, and purchase obligations. These are disclosed obligations, not an assessment of Oracle’s financial health | Sourced |
| Concentration among large customers | The 10-K says some OCI offerings are “more concentrated among a number of large customers”, and that if customers fail to pay or perform Oracle could be locked into multi-year datacenter capacity and the related financing without corresponding revenue | Sourced |
| Mismatch between lease and customer terms | The 10-K says the terms and pricing of long-term datacenter leases typically do not align with the duration and pricing of customer contracts | Sourced |
| Power, land and components | The 10-K cites securing power and its price volatility, construction delays, third parties’ financing and schedules, and shortages of components such as GPUs and memory | Sourced |
| Timing of backlog recognition | About 12 to 13% of RPO is expected to be recognized in the next twelve months, with the rest later. It also swings with the timing of large contracts | Sourced |
| Falling margin rate | The operating margin of the cloud and software business fell from 63% to 59% (higher infrastructure expenses) | Sourced |
| AI regulation | The 10-K describes EU AI Act obligations taking effect in phases through 2030, uncertainty in U.S. federal and state rules, and possible government restrictions on AI infrastructure, compute, model weights and cross-border services (for the EU AI Act’s status, see our explainer on the EU AI Act) | Sourced |
| Changes in relationships with counterparties | Customers and partners are not named in the filings, so contract terms and continuity can be confirmed only through official documents | Inference |
12. Glossary
- OCI
- Oracle Cloud Infrastructure, Oracle’s cloud infrastructure service, including GPU-based compute for AI.
- RPO (Oracle’s definition)
- Contracted revenue not yet recognized, including deferred revenues, invoiced but uncollected and unrecognized amounts, and amounts to be invoiced and recognized.
- Stargate
- The name of an AI infrastructure initiative announced by OpenAI and others. Oracle’s page says it provides or operates some of the sites.
- ATM (at-the-market)
- An equity offering that sells shares at prevailing market prices over time. Oracle used up its US$20 billion limit.
- Mandatory convertible preferred stock
- Preferred stock that converts into common stock at a set time. Oracle raised US$5.0 billion in February 2026.
- Zettascale10
- The name of Oracle’s large GPU cluster that spans several datacenters.
- Gigawatt (GW)
- A unit of power. It describes datacenter scale, but whether it means IT load or utility capacity differs by source.
- Form 10-K / 10-Q / 8-K
- The annual, quarterly and current reports that U.S.-listed companies file with the SEC.
13. References
- Oracle Form 10-K for the fiscal year ended May 31, 2026 (filed with the U.S. SEC on 22 June 2026). Description of OCI, cloud infrastructure revenue, capital expenditures, the definition of remaining performance obligations (RPO), leases and purchase obligations, financing and risk factors. https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm
- Oracle Form 10-Q for the quarterly period ended August 31, 2026 (filed with the U.S. SEC on 11 September 2026). Results for the first quarter of fiscal 2027, RPO of US$664 billion, and leases not yet commenced of US$288 billion. https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm
- Oracle Exhibit 99.1 to the Form 8-K filed 10 September 2026. First-quarter fiscal 2027 results release (delivery of 850 MW of datacenter capacity, additional AI cloud contracts, completion of the at-the-market offering). https://www.sec.gov/Archives/edgar/data/1341439/000119312526387905/orcl-ex99_1.htm
- Oracle Exhibit 99.1 to the Form 8-K filed 10 June 2026. Fourth-quarter fiscal 2026 results release (RPO of US$638 billion, US$75 billion of customer-prepaid or customer-supplied hardware, financing plans). https://www.sec.gov/Archives/edgar/data/1341439/000119312526265848/orcl-ex99_1.htm
- Oracle Oracle’s “AI Data Centers” page (checked 15 October 2026). Contract timing and delivery status by site, and named partners. https://www.oracle.com/data-centers/
- Oracle Official announcement “Oracle Unveils Next-Generation Oracle Cloud Infrastructure Zettascale10 Cluster for AI” (14 October 2025). https://www.oracle.com/news/announcement/ai-world-oracle-unveils-next-generation-oci-zettascale10-cluster-for-ai-2025-10-14/
- Oracle Official announcement “Oracle and AMD Expand Partnership to Help Customers Achieve Next-Generation AI Scale” (14 October 2025). https://oracle.com/news/announcement/ai-world-oracle-and-amd-expand-partnership-to-help-customers-achieve-next-generation-ai-scale-2025-10-14
- Oracle Oracle official website (to confirm company details; the logo was taken from oracle-logo.svg on Oracle’s own domain). https://www.oracle.com/
14. Claim-to-source audit
| Claim in the text | Type | Source |
|---|---|---|
| Legal name, headquarters, NYSE listing, fiscal year end, headcount, headquarters floor area | Sourced | Reference 1, 8 https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm https://www.oracle.com/ |
| Revenue, operating income, R&D, capital expenditures, cloud infrastructure and cloud applications revenue (FY2024 to FY2026), free cash flow | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm |
| First-quarter FY2027 revenue, cloud infrastructure revenue, operating income and capital expenditures; RPO of US$664 billion and its split; leases not yet commenced of US$288 billion; purchase obligations | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm |
| First-quarter FY2027 results release: 850 MW delivered, more than 300,000 GPUs, ATM completion, free cash flow, revenue outlook of at least US$90 billion | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/1341439/000119312526387905/orcl-ex99_1.htm |
| Fourth-quarter FY2026 results release: RPO of US$638 billion, US$75 billion prepaid or customer-supplied, financing plans | Sourced | Reference 4 https://www.sec.gov/Archives/edgar/data/1341439/000119312526265848/orcl-ex99_1.htm |
| Definition of RPO and the split into 12 months, months 13 to 36 and months 37 to 60 | Sourced | Reference 1, 2 https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm |
| US$43.0 billion of senior notes, preferred stock, ATM, revolving credit, commercial paper and customer prepayments | Sourced | Reference 1, 2 https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm |
| The sale of Ampere (acquisition by SoftBank Group, US$4.3 billion in cash, US$2.7 billion gain) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm |
| Leases not yet commenced of US$260 billion, the US$3.3 billion guarantee, and the US$19 billion of purchase commitments after 31 May | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm |
| Contract timing and delivery stage by site (Abilene 75% and others) and named partners | Sourced | Reference 5 https://www.oracle.com/data-centers/ |
| Specifications, order intake and the OpenAI flagship cluster at Abilene for OCI Zettascale10 | Sourced | Reference 6 https://www.oracle.com/news/announcement/ai-world-oracle-unveils-next-generation-oci-zettascale10-cluster-for-ai-2025-10-14/ |
| AMD MI450 offering: 50,000 GPUs, specifications and start timing | Sourced | Reference 7 https://oracle.com/news/announcement/ai-world-oracle-and-amd-expand-partnership-to-help-customers-achieve-next-generation-ai-scale-2025-10-14 |
| The “about 20%” and “about 16%” remainders of RPO, capital expenditure at 2.6 times and the change in margin rate | Our calculation | Our calculation from the figures in References 1 and 2 |
| Classification used in the type chart (cloud & infrastructure primary, platforms & adopters secondary) | Our calculation | Our own classification, based on the description in Reference 1 |
| AI-dedicated headcount, AI capital expenditure and AI-only revenue | Not yet confirmed | None disclosed; not estimated here (not in Reference 1) https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm |
| MW for each site, the amount and term of any contract with OpenAI, RPO by customer | Not yet confirmed | Not in References 1 to 5. Press figures are not used https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm |
| University or public-funding collaboration | Not yet confirmed | Not in References 1 or 2. We do not claim it does not exist https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm |
| AMD MI450 start, Zettascale10 availability, site deliveries (2027) and the FY2027 outlook | Not yet confirmed | Reference 3, 5, 6, 7 https://www.sec.gov/Archives/edgar/data/1341439/000119312526387905/orcl-ex99_1.htm https://www.oracle.com/data-centers/ https://www.oracle.com/news/announcement/ai-world-oracle-unveils-next-generation-oci-zettascale10-cluster-for-ai-2025-10-14/ https://oracle.com/news/announcement/ai-world-oracle-and-amd-expand-partnership-to-help-customers-achieve-next-generation-ai-scale-2025-10-14 |
| Reading: growth as an AI-infrastructure cloud provider is the top priority | Inference | Our own reading of the change in revenue and capital expenditure and the wording of the results releases |
| Reading: customer prepayments and supplied GPUs limit Oracle’s funding burden | Inference | Our own reading of the results-release explanation (US$75 billion) |
| Reading: both NVIDIA and AMD are offered | Inference | Our own reading of the Zettascale10 and MI450 announcements |
| Risk that relationships with counterparties can be confirmed only through official documents | Inference | Our own reading of the absence of customer names in the filings |
Last updated: 15 October 2026 (date checked) / Troy Technical
All figures in this article are based on documents Oracle Corporation filed with the U.S. Securities and Exchange Commission and on Oracle’s own announcements and pages. Market-research estimates and press figures are not used. Product performance figures are the developer’s stated values, not independent measurements. Passages marked “Inference” are our reading of primary sources and are not statements by the company. Contracts, investments and datacenter plans reflect what had been published as of 15 October 2026. The fiscal year ends in May (for example, FY2026 is June 2025 to May 2026).