Oracle's capex inflected from $21.2 billion in fiscal 2025 to $55.7 billion in fiscal 2026 (fiscal years end 31 May), funded unlike peers with debt and hybrid capital, including $42.7 billion of senior notes and $5.0 billion of mandatory convertible preferred stock in FY2026, with about $40 billion more planned for fiscal 2027 against a record $638 billion backlog. Oracle is an initial equity funder in Stargate and holds an OpenAI partnership exceeding $300 billion over five years to develop 4.5 GW of additional capacity. Its Saline Township, Michigan campus produced a $16.3 billion financing, the largest single-facility technology debt package on record, part of $72 billion in partner debt across four states. The Abilene, Texas flagship's expansion from 1.2 GW to 2 GW was dropped.
Named sites
2
Site commitments on record for Oracle
Disclosed site capital
$16.3B
Named sites with a stated dollar figure. A floor, not a capex total
Disclosed capacity
1,200 MW
Named sites with a stated megawatt figure
Financing transactions
14
Transactions naming Oracle or one of its sites
Prices tracked
8
From SAVRN's research capture of Sep 10, 2026
Sources
36
Every cited page, listed below
MarketMarket data from TradingView, delayed
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| FY2025 | reported | $21.2B | Cash used for capital expenditures of $21.2 billion in fiscal 2025, shown as $(21,215)M; fiscal year ends 31 May |
|
| FY2026 | reported | $55.7B | $(55,663)M in FY2026; the increase drove a $34.4 billion increase in capital expenditures in investing activities |
|
| FY2026 | raise | $48.0B | $48 billion of debt and equity raised in fiscal 2026 (includes $42.7B senior notes and $5.0B Mandatory Convertible Preferred Stock) |
|
| FY2027 | raise | ~$40.0B | Oracle plans to raise about $40 billion in fiscal 2027 to help fund its AI data center build-out, on top of the $48 billion raised in fiscal 2026; against a $90 billion FY2027 revenue forecast |
|
| as of FY2026 results | backlog | $638B | Record $638 billion backlog |
Named sites
Where Oracle builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Saline Township campus with PIMCO, Related Digital Infrastructure, Blackstone, OpenAI |
Michigan | Saline Township, Washtenaw area | $16.3B | n.a. | announced | |
Stargate flagship campus, Abilene (Crusoe/Lancium Clean Campus) with OpenAI, Crusoe, Lancium, NVIDIA |
Texas | Abilene | n.a. | 1,200 | operating |
Financing
Financing transactions
Transactions that name Oracle as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
OpenAI + SoftBank + Oracle + MGX Stargate launched as a new company intending to invest $500 billion over four years building new AI infrastructure for OpenAI in the United States, starting in Texas, with SoftBank, OpenAI, Oracle, and MGX as initial equity funders. |
platform | ≥$500B | January 2025 |
n.a. |
|
Oracle + OpenAI Oracle and OpenAI entered an agreement to develop 4.5 gigawatts of additional Stargate data center capacity in the U.S., taking the pair to over 5 gigawatts under development running over 2 million chips, under a partnership exceeding $300 billion over five years. |
other | ≥$300B | Over the next five years |
n.a. |
|
Oracle Oracle reiterated fiscal 2027 capital expenditure guidance of $90 billion to $95 billion, with not more than $70 billion of net cash capex after customer prepayments. Capital expenditures for the quarter ended 31 August 2026 were $28,499 million, versus $8,502 million a year earlier. Management said it delivered 850 MW of AI capacity since the end of fiscal Q4 and reported remaining performance obligations of $664 billion. The 10-Q shows about $19,909 million of net proceeds from common stock issued under an at-the-market program during the quarter. |
capex guidance | ≥$90.0B | Fiscal Q1 2027 (quarter ended 31 August 2026) results and call, 10 September 2026 |
n.a. |
|
Oracle The Saline Township financing is part of $72 billion in total data centre partner debt Oracle has assembled across Michigan, Texas, Wisconsin, and New Mexico for the Stargate joint venture. |
debt facility | $72.0B | Assembled across Michigan, Texas, Wisconsin, and New Mexico |
n.a. |
|
Oracle Oracle's FY2026 included $42.7 billion of net proceeds from senior notes issuance, funding its AI data center build-out with debt rather than operating cash flow alone. |
senior notes | $42.7B | Fiscal 2026 (year ended 31 May 2026) |
n.a. |
|
Oracle (tenant) + Santander + Jefferies The Financial Times reported, as carried by Reuters on 18 September 2026, that about $18 billion of loans secured late in 2025 for the Oracle-leased Project Jupiter campus on about 1,400 acres in Doña Ana County, New Mexico, were being quoted at 89 to 91 cents on the dollar by syndicate banks including Santander and Jefferies, and that efforts to sell the debt to a wider pool of investors had stalled. The reports cited S&P's July 2026 downgrade of Oracle to one notch above junk. Oracle, Santander and Jefferies did not comment. On 24 September 2026 Bloomberg News reported that Oracle had sent the developer a force majeure notice aimed at deferring payments if the campus does not come online in 2028 as planned; see the Project Jupiter at-risk record |
debt facility | ~$18.0B | Loans secured late 2025; secondary pricing reported 18 September 2026. Reported by the Financial Times via Reuters |
Stargate site, Dona Ana (announced) (NM) |
|
Oracle + PIMCO + Related Digital Infrastructure + Blackstone Oracle closed a $16.3 billion financing for the Saline Township, Michigan campus, the largest single-facility technology debt package on record, with bonds carrying a 7.5% coupon and 19.5-year maturity, structured with six years of interest-only payments followed by 13 years of amortisation. |
project bond | ~$16.3B | Closed; part of the Stargate joint venture program |
Saline Township campus (MI) |
|
Oracle Oracle raised $5.0 billion of cash proceeds from Mandatory Convertible Preferred Stock in FY2026, alongside $4.9 billion of cash proceeds from the sale of investments, primarily in Ampere. |
preferred | $5.0B | Fiscal 2026 (year ended 31 May 2026) |
n.a. |
|
Meta + Crusoe With Oracle and OpenAI dropping plans to expand the flagship Abilene Stargate site, Meta is in talks to pick up Crusoe capacity and reportedly paid a $150 million deposit to Crusoe to secure the site. |
other | ~$150M | Reported after the Abilene expansion was dropped |
Stargate flagship campus, Abilene (Crusoe/Lancium Clean Campus) (TX) |
|
SoftBank + OpenAI + Oracle + MGX SoftBank, OpenAI, Oracle, and MGX are the initial equity funders in the Stargate Project, with OpenAI and SoftBank each reported at a 40% stake. |
jv equity | n.a. | Announced January 2025 |
n.a. |
|
Oracle + Clearway Energy + ENGIE + RWE + Scout Clean Energy Oracle signed wind energy supply agreements covering more than 1.7 GW across ten Texas wind projects with Clearway Energy, ENGIE, RWE and Scout Clean Energy, supporting its Abilene campus on the ERCOT grid. RWE's share is a 433 MW virtual power purchase agreement from its existing Panther Creek I, II and III wind farms in Sterling, Howard and Glasscock counties. Per-supplier volumes for the other three counterparties were not disclosed |
ppa | n.a. | Announced 17 September 2026 |
n.a. |
|
Oracle + Bloom Energy + BorderPlex Digital Assets Oracle and BorderPlex Digital Assets announced on 27 April 2026 that Project Jupiter in Dona Ana County, New Mexico will be fully powered by up to 2.45 GW of Bloom Energy fuel cells as part of Oracle and Bloom's expanded partnership, replacing previously planned gas turbines and diesel generators with a single microgrid. After Bloomberg reported Oracle's force majeure notice on 24 September 2026, Bloom said on 25 September that Oracle remains committed to the project and to its contract for 2.4 GW, and that the project remains on schedule; the gas pipeline and the fuel cell air-quality permit are still pending. |
power supply agreement | n.a. | Backfill (not previously recorded). Announced 27 April 2026 (Oracle release); Bloom said on 25 September 2026 that Oracle remains committed after the force majeure report |
Stargate site, Dona Ana (announced) (NM) |
|
Oracle + We Energies (WEC Energy Group) + NextEra Energy (Point Beach owner) On Friday 2 October 2026 Oracle and We Energies announced an agreement under which Oracle would subscribe to between 10% and 20% of the generation We Energies buys from NextEra's Point Beach Nuclear Plant in Manitowoc County, to help supply the Port Washington campus (Project Lighthouse) that Oracle is developing with OpenAI. The Journal Sentinel reports the subscription at 125 to 250 MW, roughly 10% to 20% of the 1.3 GW campus's consumption. We Energies and Oracle say the arrangement would spare other customers about $300 million of fuel costs over five years; that is a ratepayer savings estimate, not a contract value. The agreement requires approval by the Public Service Commission of Wisconsin, and Oracle expects the proposal to be filed by the end of 2026. |
power supply agreement | n.a. | Announced Friday 2 October 2026 (Oracle and We Energies); subject to Public Service Commission of Wisconsin approval |
Vantage Lighthouse campus (WI) |
|
Energy Transfer + Oracle Energy Transfer executed multiple long-term agreements with Oracle to supply about 900 MMcf per day of natural gas to three US data centers, two of them in Texas, sourced from its intrastate pipeline network and including construction of a new pipeline lateral. Energy Transfer said it began deliveries to Oracle's data center near Abilene, Texas in January 2026 under the first of the agreements. |
power supply agreement | n.a. | Disclosed in Energy Transfer's third quarter 2025 results, 5 November 2025; first deliveries to the Abilene, Texas data center began January 2026 (fourth quarter 2025 results, 17 February 2026) |
n.a. |
The record
Sourced facts on Oracle
- FY2026 financing included $4.9 billion of cash proceeds from the sale of investments, primarily in Ampere.
- Bloomberg reported the market reaction as 'Oracle Falls After Data Center Costs Overshadow AI Growth'.
- Oracle is one of the initial equity funders in Stargate alongside SoftBank, OpenAI and MGX; reported equity split leaves Oracle a minority, with OpenAI maintaining a 40% stake and SoftBank similarly possessing a 40% share.
- The Saline Township financing sits against a BBB-negative credit outlook and $553 billion in performance obligations concentrated heavily in a single counterparty, OpenAI.
- With as much as $300bn set to go to Oracle, that cloud provider has itself struggled to fund its data center buildout, and is loading up on debt and planning to lay off thousands to cover costs.
- Implied cancelled or deferred capacity at Abilene per the atlas: approximately 0.8 GW (the 2 GW ambition minus the 1.2 GW built).
- Project Jupiter (New Mexico): Bloomberg News reported on 24 September 2026 that Oracle sent a force majeure notice to the developer to put off payments if the campus fails to come online in 2028 as planned; the roughly $18 billion of construction loans were quoted at 89 to 91 cents on the dollar per the Financial Times on 18 September 2026.
Against the market
How Oracle prices compare
Oracle's lowest price for each GPU beside the lowest price every other tracked provider lists for the same GPU, sold the same way. Typical is the middle provider, one price each.
NVIDIA H100On demand
All NVIDIA H100 prices →Oracle$10.00per GPU-hour, on-demand
Rank20 of 21135% above typical
Typical$4.25middle of 21 providers
Lowest anywhere$1.99Voltage Park
Voltage Park1. H100 (single GPU, no contract)
$1.99
GMI Cloud2. NVIDIA H100
$2.00
Vultr3. NVIDIA HGX H100 — Cloud GPU
$2.30
Denvr Dataworks4. NVIDIA H100 SXM (8 GPUs, 208 vCPU)
$2.45
Cirrascale5. 8X NVIDIA H100 (16-Node+ Clustered)
$2.49
Massed Compute6. H100 (80 GB) ×1/×2/×4
$2.73
Runpod7. H100 PCIe / H100 NVL — Pods
$2.89
Hyperbolic8. H100 SXM
$3.19
Lambda9. NVIDIA H100 PCIe
$3.29
Together AI10. H100 (80 GB), 8–256 GPUs
$3.99
Oracle OCI20. BM.GPU.H100.8
$10.00
NVIDIA H200On demand
All NVIDIA H200 prices →Oracle$10.00per GPU-hour, on-demand
Rank15 of 1676% above typical
Typical$5.67middle of 16 providers
Lowest anywhere$2.60GMI Cloud
GMI Cloud1. NVIDIA H200
$2.60
Massed Compute2. H200 NVL (141 GB) ×8
$3.62
Hyperbolic3. H200
$3.99
Crusoe Cloud4. NVIDIA H200
$4.29
Runpod5. Clusters — H200 SXM
$4.31
DigitalOcean6. NVIDIA HGX H200 (141 GB)
$4.47
Cirrascale7. 8X H200
$4.54
Nebius8. NVIDIA HGX H200
$5.40
Verda9. 1x H200 SXM5 141GB
$5.95
Together AI10. H200 (140 GB), 256–1,000 GPUs
$5.99
Oracle OCI15. BM.GPU.H200.8
$10.00
NVIDIA B200On demand
All NVIDIA B200 prices →Oracle$14.00per GPU-hour, on-demand
Rank16 of 1672% above typical
Typical$8.12middle of 16 providers
Lowest anywhere$3.50Vultr
Vultr1. NVIDIA HGX B200 — Cloud GPU
$3.50
GMI Cloud2. NVIDIA B200
$4.00
Massed Compute3. B200 SXM6 ×8
$5.43
Hyperbolic4. B200
$5.99
Cirrascale5. 8X B200
$5.99
Lambda6. NVIDIA B200 SXM6
$6.69
Runpod7. B200 (180 GB, 28 vCPU) — Pods
$7.99
Google Cloud8. a4-highgpu-8g (A4)
$8.06
Together AI9. HGX B200 (180 GB)
$8.19
Verda10. Instant clusters, B200 SXM6 180GB
$8.44
Oracle OCI16. BM.GPU.B200.8
$14.00
NVIDIA GB200 NVL72On demand
All NVIDIA GB200 NVL72 prices →Oracle$16.00per GPU-hour, on-demand
Rank4 of 551% above typical
Typical$10.58middle of 5 providers
Lowest anywhere$8.00GMI Cloud
GMI Cloud1. NVIDIA GB200
$8.00
CoreWeave2. NVIDIA GB200 NVL72
$10.50
AWS3. u-p6e-gb200x36 (UltraServer)
$10.58
Oracle OCI4. BM.GPU.GB200.4
$16.00
Microsoft Azure5. Standard_ND128isr_NDR_GB200_v6 (ND GB200 v6)
$27.04
OracleTypical $10.58
NVIDIA B300On demand
All NVIDIA B300 prices →Oracle$15.00per GPU-hour, on-demand
Rank9 of 950% above typical
Typical$9.99middle of 9 providers
Lowest anywhere$6.60Massed Compute
Massed Compute1. B300 SXM6 ×8 (280 vCPU, 2800 GB)
$6.60
TheAI Cloud2. B300 (8× B300 SXM6 · 288GB … whole node)
$6.90
Nebius3. NVIDIA HGX B300
$7.85
Runpod4. B300 (288 GB HBM3e, 32 vCPU) — Pods
$8.99
Together AI5. HGX B300 (270 GB)
$9.99
Verda6. 1x B300 SXM6 268GB
$10.80
AWS7. p6-b300.48xlarge
$14.04
Fireworks AI8. B300 288 GB
$15.00
Oracle OCI9. BM.GPU.B300.8
$15.00
OracleTypical $9.99
NVIDIA GB300 NVL72On demand
All NVIDIA GB300 NVL72 prices →Oracle$18.00per GPU-hour, on-demand
Rank2 of 3In line with typical
Typical$18.00middle of 3 providers
Lowest anywhere$12.42Verda
Verda1. 1x GB300 SXM6 288GB
$12.42
Oracle OCI2. BM.GPU.GB300.4
$18.00
Fireworks AI3. GB300 288 GB
$20.00
OracleTypical $18.00
AMD Instinct MI300XOn demand
All AMD Instinct MI300X prices →Oracle$6.00per GPU-hour, on-demand
Rank6 of 664% above typical
Typical$3.65middle of 6 providers
Lowest anywhere$1.85Vultr
Vultr1. AMD MI300X — Cloud GPU / Bare Metal
$1.85
DigitalOcean2. AMD MI300X (192 GB)
$2.59
Crusoe Cloud3. AMD MI300X
$3.45
Cirrascale4. 8X MI300X
$3.85
Microsoft Azure5. Standard_ND96isr_MI300X_v5
$6.00
Oracle OCI6. BM.GPU.MI300X.8
$6.00
OracleTypical $3.65
Tracked prices
Oracle prices
Every price the Index tracks for Oracle, in the provider's own words beside a normalized figure, with the date it was last checked. What AI Costs compares them across the market.
| GPU | Offer | Terms | Published price | Per GPU-hour | Change | Checked | Source |
|---|---|---|---|---|---|---|---|
| NVIDIA H100 | BM.GPU.H100.8 | on-demandList | $10.00 | $10.00 | No change | ResearchOct 21, 2026 | oracle.com ↗ |
| NVIDIA H200 | BM.GPU.H200.8 | on-demandList | $10.00 | $10.00 | No change | ResearchOct 21, 2026 | oracle.com ↗ |
| NVIDIA B200 | BM.GPU.B200.8 | on-demandList | $14.00 | $14.00 | No change | ResearchOct 21, 2026 | oracle.com ↗ |
| NVIDIA GB200 NVL72 | BM.GPU.GB200.4 | on-demandList | $16.00 | $16.00 | No change | ResearchOct 21, 2026 | oracle.com ↗ |
| NVIDIA B300 | BM.GPU.B300.8 | on-demandList | $15.00 | $15.00 | No change | ResearchOct 21, 2026 | oracle.com ↗ |
| NVIDIA GB300 NVL72 | BM.GPU.GB300.4 | on-demandList | $18.00 | $18.00 | No change | ResearchOct 21, 2026 | oracle.com ↗ |
| AMD Instinct MI300X | BM.GPU.MI300X.8 | on-demandList | $6.00 | $6.00 | No change | ResearchOct 21, 2026 | oracle.com ↗ |
| AMD Instinct MI355X | BM.GPU.MI355X.8 | on-demandList | $8.60 | $8.60 | No change | ResearchOct 21, 2026 | oracle.com ↗ |
Sources
Sources for Oracle
Every source cited on this page, once each.
- thenextweb.comThe Next Web
- wxyz.comWXYZ
- yahoo.comGOLF via Yahoo
- msn.comMLive via MSN
- crusoe.aiCrusoe
- datacenterdynamics.comDCD
- oracle.comAbilene data center page
- datacenterdynamics.comDCD
- openai.comOpenAI
- group.softbankSoftBank Group
- openai.comOpenAI
- openai.comOpenAI
- sec.govOracle Form 10-Q for quarter ended August 31, 2026 (SEC)
- fool.comOracle Q1 FY2027 earnings call transcript (The Motley Fool)
- marketscreener.comOracle FY2026 10-K
- 933thedrive.comReuters via 93.3 The Drive
- thestar.com.myReuters via The Star
- bloomberg.comBloomberg News, 24 September 2026
- economictimes.indiatimes.comReuters (via The Economic Times), 24 September 2026
- reuters.comReuters
- renewableenergymagazine.comRenewable Energy Magazine
- esgtoday.comESG Today
- rwe.comRWE release
- oracle.comOracle release, 27 April 2026
- 247wallst.com24/7 Wall St., 25 September 2026
- wisconsinwatch.orgWisconsin Watch
- biztimes.comBizTimes Milwaukee
- msn.comMilwaukee Journal Sentinel (via MSN)
- finance.yahoo.comOracle release via PR Newswire (Yahoo Finance), 2 October 2026
- civicmedia.usWisconsin Watch via Civic Media, 2 October 2026
- sec.govEnergy Transfer Q3 2025 results (Form 8-K Ex. 99.1)
- sec.govEnergy Transfer Q4 2025 results (Form 8-K Ex. 99.1)
- finance.yahoo.comYahoo Finance / The Motley Fool
- bloomberg.comBloomberg
- apexapps.oracle.comapexapps.oracle.com
- oracle.comoracle.com
Hyperscaler
More in the Index
Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.
Sources
The SAVRN reference set
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.
Capital Atlas
Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company.
Open the atlas →
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
Open the watchlist →
Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
Open the permits tracker →
SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
Open the scarcity tracker →
Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
Check an address →