Oracle: The AI Deal Record

Oracle (Provider) · Various AI developers (Buyer)

Value

$664B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] primary[2] tier-1

SNAPSHOT ROW, excluded from summed aggregates: Oracle's company-wide RPO across all cloud customers, not a single deal. Overlaps almost entirely with named rows already on the ledger (openai-oracle-stargate-2025-09 at $300B, meta-oracle-cloud-2025-10 at ~$20B, and other multi-billion contracts with customers Oracle has not named), so this row exists only to record the disclosure, per the same total_backlog treatment already used for sb-energy-contracted-backlog-2026-09 and coreweave-backlog-2026-08. Scale check: consistent with Oracle's own prior-quarter RPO of $638B (FY2026 Q4) and the $455B figure recorded at FY2026 Q1 in the openai-oracle-stargate row; the growth trajectory across three consecutive quarters is internally consistent. Superseded snapshot: replaces the FY2026 Q1 $455B figure referenced in openai-oracle-stargate-2025-09's notes as the most current RPO read; that row's notes are left as a historical record of the September 2025 print rather than edited, per the house rule against silent overwrites.

Conditions: Oracle's fiscal Q1 FY2027 results (quarter ended 2026-08-31, reported 2026-09-10) disclosed total Remaining Performance Obligations of $664B, up $209B year over year and $26B sequentially from the $638B reported at FY2026 Q4. Management said roughly half should convert to revenue within 36 months, contingent on building and delivering the contracted data-center capacity on schedule; Bank of America analysts estimate over 50% of RPO traces to OpenAI. Oracle booked more than $30B of new AI cloud contracts and delivered 850MW of additional data-center capacity in the quarter.

Oracle (Provider) · Meta (Buyer)

Value

approximately $20B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] tier-1[2] tier-1[3] other

Oracle to provide Meta with training and deployment capacity alongside Meta's existing cloud providers. Status is binding on the strength of Oracle's public confirmation (CNBC, 2025-10-16); the dollar value is Bloomberg's reported ~$20B from the September talks, kept at media_reported with its own as_of date since neither company has stated a figure. Announced the row's date as the confirmation date, not the talks date.

Conditions: Oracle confirmed the existence of a Meta cloud deal on 2025-10-16 without disclosing terms; the ~$20B multi-year value comes from Bloomberg's reporting of the talks on 2025-09-19 and was never officially stated.

Oracle (Provider) · OpenAI (Buyer)

Value

$300B

Capacity / term

4.5 GW · 5y

$13.33M per MW-year

First revenue

2027

Sources

[1] tier-1[2] tier-1[3] primary[4] tier-1[5] other

The largest verified compute contract on record: OpenAI to purchase $300B of computing power from Oracle over roughly five years starting 2027, part of the Stargate program, delivered from about 4.5 GW of capacity per the July 2025 Oracle-OpenAI development agreement (Bloomberg). Corroborated by Oracle's own FY26 Q1 release the day before the WSJ report: RPO up 359% to $455B on 'four multi-billion-dollar contracts with three different customers'. Held in the candidate queue at ledger launch until a primary source and two tier-1 URLs were captured; promoted the same day.

Conditions: Neither company has press-released the $300B figure; it was reported by WSJ on 2025-09-10 and subsequently confirmed by OpenAI per CNBC. March 2026: the planned 600 MW Abilene flagship expansion was scrapped after financing talks stalled (Bloomberg), with capacity redistributed across other sites; the 4.5 GW program and the contract itself remained in effect per the same reporting.

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OpenAI (Buyer) · SoftBank (Financier) · Oracle (Provider) · MGX (Financier)

Value

up to $500B

Capacity / term

10 GW · 4y

First revenue

not disclosed

Sources

[1] primary[2] primary[3] other

PROGRAM ENVELOPE, excluded from every summed total: the January 2025 Stargate announcement of intent to invest $500B over four years in US AI infrastructure. The discrete contracts inside it get their own rows as they sign, most notably the $300B OpenAI-Oracle compute contract (openai-oracle-stargate-2025-09); summing the envelope and its contents would double count by construction. Circular: the operational partner is the anchor customer of the capacity the JV builds.

Conditions: Intent to invest $500B over four years, $100B initially, targeting 10 GW. SoftBank holds financial responsibility, OpenAI operational responsibility; initial equity funders SoftBank, OpenAI, Oracle and MGX. By late 2025 the program reported nearly 7 GW of planned capacity and over $400B of investment across announced sites.