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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.

Sources: Oracle’s Form 10-K for the year ended 31 May 2026, Form 10-Q for the quarter ended 31 August 2026 and Form 8-K filings with the U.S. SEC, plus Oracle’s own announcements and pages, used as primary material. Date checked: 15 October 2026.

What this article covers
  1. Oracle in 30 seconds, and where it stands in AI and machine learning
  2. The logo and how the name is written
  3. Where the company sits in AI and machine learning
  4. Scale (limited to the parts that touch AI)
  5. Resources committed to AI and machine learning
  6. What it has done so far
  7. What comes next
  8. What the company is aiming for in AI and machine learning
  9. Map of AI and machine learning partnerships
  10. Technologies, products and services
  11. Risks this company carries
  12. Glossary, references and claim-to-source audit

1. Oracle in 30 seconds, and where it stands in AI and machine learning

LEGAL NAMEOracle CorporationThe U.S. parent; its Japanese subsidiary is a separate company
HEADQUARTERS AND LISTINGAustin, Texas, USA
NYSE: ORCL
Fiscal year ends on 31 May
CATEGORY IN THIS FIELDCloud & infrastructure (primary)
Platforms & adopters (secondary)
Builds AI into its databases and applications
CORE OFFERINGSOCI (Oracle Cloud Infrastructure)
Oracle AI Database
GPU cloud and an AI-ready data platform
CLOUD INFRASTRUCTURE REVENUE (FY2026, YEAR TO MAY 2026)US$18.1 billion (up 77%)US$10.2 billion the year before. OCI as a whole, not AI-only
CAPITAL EXPENDITURE (FY2026)US$55.7 billionUS$21.2 billion the year before. The 10-K says expansion of datacenters is the main reason
RPO (BACKLOG)US$664 billion (31 August 2026)US$638 billion at 31 May 2026 and US$138 billion a year earlier
COUNTERPARTIESThe 10-K and 10-Q do not name customersRelationships with OpenAI and others are described only as far as Oracle’s own public pages confirm
The one thing to grasp first

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

Four types of companies in AI and machine learning The same "AI company" label hides different strengths and customers across models, chips, cloud and adoption Model developers Chips & memory Cloud & infrastructure Platforms & adopters Build models and AI Supply compute parts Rent out compute Offer a base to build on OpenAI / Anthropic Google / Meta NVIDIA / AMD TSMC / SK hynix Microsoft / AWS Oracle / CoreWeave Hugging Face and others Research and compute Performance and supply Capex and customer base Reach among developers Hinges on compute cost Hinges on supply, capex Hinges on utilisation Revenue path uncertain Mainly cloud and infrastructure; AI databases and similar products are the secondary platform role It rents out compute on its GPU cloud and puts AI into its own databases and applications on the same base
Fig. 1 The four types of companies in AI and machine learning, and where Oracle sits. The classification is ours, and the company names are examples from those profiled in this series Our calculation. The two highlighted boxes are cloud and infrastructure that rents out AI compute (primary) and platforms and adopters, where AI is built into databases and business applications (secondary). The split is our reading, based on the 10-K descriptions of OCI and Oracle AI Database.

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 revenue52,96157,39967,357
Operating income15,35317,67820,606
Research and development8,9159,86010,272
Capital expenditures6,86621,21555,663
Cloud infrastructure revenue (OCI)-10,23418,101
Cloud applications revenue-14,27215,888
First quarter of FY2027 (June to August 2026)June to August 2026Same 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)6,7284,277
Capital expenditures (US$ million)28,4998,502
Other basicsDetails
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
HeadquartersAustin, 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)
A caution

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.

ResourceWhat could be confirmedType
PeopleAbout 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 disclosedSourced
Outside investments and divestmentsOracle 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-QSourced
Universities, research institutions and public fundingNo 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 pageNot yet confirmed

Status by site (Oracle’s own page, checked 15 October 2026)

SiteWhat Oracle’s page saysStage
Abilene, TexasAs of September 2026, 75% of total capacity delivered, with the remainder delivering in subsequent quartersIn operation, partly delivered
Shackelford County, TexasContracted in August 2025. Customer delivery begins in the first half of 2027Contracted, under construction (delivery in the future)
Doña Ana County, New MexicoContracted in September 2025. Customer delivery begins in the first half of 2027. The power design is based on Bloom Energy fuel cellsContracted, under construction (delivery in the future)
Port Washington, WisconsinContracted in September 2025. Customer delivery expected in the second half of 2027Contracted, under construction (delivery in the future)
Saline Township, MichiganContracted in October 2025. Customer delivery begins in the second half of 2027. The network core is due at the end of this calendar yearContracted, 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 202631 August 2026
Notes payable and other borrowings, total129,541-
Operating lease liabilities30,190-
Finance lease liabilities7,701-
Leases not yet commenced (substantially all datacenters)260,000288,000
Unconditional purchase obligations (power, components and others)13,30934,150

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 notesUS$43.0 billion par of senior notes issued in FY2026 (US$42.7 billion net proceeds)
Preferred stock6.50% 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
OtherIn 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)
How to read the RPO (backlog)

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

WhenWhat happenedWhy it matters
22 July 2025An 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 textThe 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 2025Contracted 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 2025Unveiled 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 2026A plan to offer both NVIDIA and AMD GPUs
25 November 2025SoftBank Group acquired Ampere Computing and Oracle sold its stakeStepped back from its own chip-company investment
February to March 2026Put 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 agreementFunding capital expenditure with both debt and equity
10 June 2026Fourth-quarter FY2026 results: RPO of US$638 billion and US$75 billion of customer-prepaid or customer-supplied hardwareBacklog and funding plans disclosed
10 September 2026First-quarter FY2027 results: RPO of US$664 billion, 850 MW of datacenter capacity delivered, more than 300,000 GPUs delivered to customers, ATM completedDeliveries are accelerating

7. What comes next

AMD MI450Starts at 50,000 GPUs
from calendar Q3 2026
From the October 2025 announcement. Expands in 2027. Start not confirmed here
ZETTASCALE10Up to 800,000 GPUsThe October 2025 announcement said availability in the second half of the following calendar year. Current status not confirmed
LEASES NOT YET STARTEDUS$288 billionAt 31 August 2026. To start between September to November 2026 and FY2029
FY2027 REVENUEAt least US$90 billionCompany outlook of 10 September 2026

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.

What could not be confirmed

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 readPrimary-source basisType
Growth as a cloud provider of AI infrastructure is the top priorityCloud 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 GPUsThe results release says the prepaid and customer-supplied portions of large AI contracts total US$75 billion and “substantially reduce” the capital Oracle must raiseInference
It offers both NVIDIA and AMD GPUs and does not lean on a single supplierZettascale10 is built on NVIDIA and the MI450 offering on AMD, each per official announcementsInference
It is funding capital expenditure ahead of demand with debt and equityFree 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 FY2027Sourced
It will keep building AI into databases and applicationsThe 10-K’s product descriptions (Oracle AI Database, Autonomous AI Database, AI agents). Cloud applications revenue grew only 11%Sourced
One piece of the reasoning in more detail

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

Oracle and its AI partnerships Only relationships stated in Oracle’s own materials. Checked 15 October 2026 Oracle Cloud & adoption OpenAI Stargate sites such as Abilene NVIDIA GPUs for Zettascale10 AMD 50,000 MI450 GPUs (planned) Datacenter developers Vantage, Related Digital and others Bloom Energy Fuel-cell power Ampere Stake sold in November 2025 Partnership, joint work Chips, power supply Investment (sold)
Fig. 2 Oracle and its AI partnerships. Sources: Form 10-K for FY2026, Oracle’s “AI Data Centers” page and Oracle’s announcements of 14 October 2025. Only relationships stated in Oracle’s own materials are shown. The OpenAI relationship is shown as far as Oracle’s page and announcements confirm; the 10-K and 10-Q name no customers. The datacenter developers are examples of companies named under “Partners” on Oracle’s page (Related Digital, Vantage Data Centers, STACK Infrastructure and Crusoe); we did not confirm the terms of their contracts.

10. Technologies, products and services

Product or facilityScale and specifications (developer’s stated values)StageDate 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 FY2026In service10-K (22 June 2026)
OCI Zettascale10Spans 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 GPUsOrders 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 superclusterInitial 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 DatabaseA database with AI capabilities, offered on OCI, on other hyperscale clouds (multicloud) and in customers’ datacenters (10-K). No breakdown of users or revenueIn service10-K
OCI deployment optionsOCI Dedicated Region, Sovereign Cloud, Alloy, Exadata Cloud@Customer and others, matched to customers’ sites and regulation (10-K)In service10-K
A materials engineer’s view: power, cooling and networking set the capacity

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

RiskDetailsType
Cash flow and financingFree 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 termsSourced
Size of future obligationsUS$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 healthSourced
Concentration among large customersThe 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 revenueSourced
Mismatch between lease and customer termsThe 10-K says the terms and pricing of long-term datacenter leases typically do not align with the duration and pricing of customer contractsSourced
Power, land and componentsThe 10-K cites securing power and its price volatility, construction delays, third parties’ financing and schedules, and shortages of components such as GPUs and memorySourced
Timing of backlog recognitionAbout 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 contractsSourced
Falling margin rateThe operating margin of the cloud and software business fell from 63% to 59% (higher infrastructure expenses)Sourced
AI regulationThe 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 counterpartiesCustomers and partners are not named in the filings, so contract terms and continuity can be confirmed only through official documentsInference

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.
AI compute infrastructure and a data-service interface are distinguished. The image does not depict a contract or customer installation.
Fig. 3. Conceptual image generated with ImageGen. AI compute infrastructure and a data-service interface are distinguished. The image does not depict a contract or customer installation. Not an actual facility, product or measured result.

13. References

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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/
  6. 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/
  7. 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
  8. 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 textTypeSource
Legal name, headquarters, NYSE listing, fiscal year end, headcount, headquarters floor areaSourcedReference 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 flowSourcedReference 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 obligationsSourcedReference 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 billionSourcedReference 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 plansSourcedReference 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 60SourcedReference 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 prepaymentsSourcedReference 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)SourcedReference 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 MaySourcedReference 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 partnersSourcedReference 5 https://www.oracle.com/data-centers/
Specifications, order intake and the OpenAI flagship cluster at Abilene for OCI Zettascale10SourcedReference 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 timingSourcedReference 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 rateOur calculationOur calculation from the figures in References 1 and 2
Classification used in the type chart (cloud & infrastructure primary, platforms & adopters secondary)Our calculationOur own classification, based on the description in Reference 1
AI-dedicated headcount, AI capital expenditure and AI-only revenueNot yet confirmedNone 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 customerNot yet confirmedNot 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 collaborationNot yet confirmedNot 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 outlookNot yet confirmedReference 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 priorityInferenceOur 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 burdenInferenceOur own reading of the results-release explanation (US$75 billion)
Reading: both NVIDIA and AMD are offeredInferenceOur own reading of the Zettascale10 and MI450 announcements
Risk that relationships with counterparties can be confirmed only through official documentsInferenceOur 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).

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