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SAVRN Research · Capital Atlas · Hyperscaler

Oracle Data Center Capex and Sites

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.

Updated October 8, 2026 2 named sites 14 financing transactions 7 sourced facts 34 sources
Oracle logo
Oracle
ORCL
Hyperscaler
Financing regimedebt and hybrid capital: senior notes, mandatory convertible preferred, asset sales, plus $72B of site-level partner debt; leases capacity from developer Crusoe at Abilene
Named sites
2
Site-level commitments the atlas ties to Oracle
Disclosed site capital
$16.3B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
1,200 MW
Sum of named sites with a stated megawatt figure
Financing transactions
14
Transactions naming Oracle or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
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

Michigan
1 site · $16.3B disclosed
Open the Michigan investment tracker →
Texas
1 site
Open the Texas investment tracker →
SiteStatePlaceCapitalMWStatusSources
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; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
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.
Sources

Sources for Oracle

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

Hyperscaler: one page each

Alphabet / Google 25Amazon (AWS) 20Apple 1Meta Platforms 12Microsoft (Azure) 16Oracle 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
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.

Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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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.
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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.
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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.
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