# Oracle Data Center Capex and Sites Source: https://savrn.com/data-center-capital-atlas/company/oracle Markdown alternate of the page above; the site index is https://savrn.com/llms.txt --- 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. | 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 Michigan 1 site · $16.3B disclosed Open the Michigan investment tracker → Texas 1 site Open the Texas investment tracker → | Site | State | Place | Capital | MW | Status | Sources | | --- | --- | --- | --- | --- | --- | --- | | Saline Township campuswith PIMCO, Related Digital Infrastructure, Blackstone, OpenAI | [Michigan](https://savrn.com/data-center-capital-atlas/michigan) | Saline Township, Washtenaw area | $16.3B | n.a. | announced | | | Stargate flagship campus, Abilene (Crusoe/Lancium Clean Campus)with OpenAI, Crusoe, Lancium, NVIDIA | [Texas](https://savrn.com/data-center-capital-atlas/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. | Parties | Instrument | Amount | Date | Site | Sources | | --- | --- | --- | --- | --- | --- | | OpenAI + SoftBank + Oracle + MGXStargate 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 + OpenAIOracle 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. | | | OracleOracle 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. | | | OracleThe 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. | | | OracleOracle'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 + JefferiesThe 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 + BlackstoneOracle 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) | | | OracleOracle 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 + CrusoeWith 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 + MGXSoftBank, 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 EnergyOracle 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 AssetsOracle 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 + OracleEnergy 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](https://savrn.com/data-center-capital-atlas/sources). - thenextweb.com[The Next Web](https://thenextweb.com/news/oracle-data-centre-16-billion-financing-stargate) - wxyz.com[WXYZ](https://www.wxyz.com/news/data-centers/saline-township-board-approves-oracle-tax-abatement-cap-it-at-original-4-8b-project-cost) - yahoo.com[GOLF via Yahoo](https://www.yahoo.com/news/articles/golf-courses-owners-building-16-054535295.html) - msn.com[MLive via MSN](https://www.msn.com/en-us/news/other/public-hearing-set-on-openai-oracle-data-center-s-proposal-to-discharge-wastewater-into-saline-river/ar-AA2c5p7Q) - crusoe.ai[Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-announces-flagship-abilene-data-center-is-live) - datacenterdynamics.com[DCD](https://www.datacenterdynamics.com/en/news/crusoe-tops-out-final-building-at-openai-stargate-data-center-campus-in-abilene-texas/) - oracle.com[Abilene data center page](https://www.oracle.com/data-centers/abilene/) - datacenterdynamics.com[DCD](https://www.datacenterdynamics.com/en/news/oracleopenai-drop-plans-to-expand-flagship-abilene-stargate-site-meta-in-talks-to-pick-up-crusoe-capacity-with-nvidias-help/) - openai.com[OpenAI](https://openai.com/index/announcing-the-stargate-project/) - group.softbank[SoftBank Group](https://group.softbank/en/news/press/20250122) - openai.com[OpenAI](https://openai.com/index/stargate-advances-with-partnership-with-oracle/) - openai.com[OpenAI](https://openai.com/index/five-new-stargate-sites/) - sec.gov[Oracle Form 10-Q for quarter ended August 31, 2026 (SEC)](https://www.sec.gov/Archives/edgar/data/0001341439/000119312526389274/orcl-20260831.htm) - fool.com[Oracle Q1 FY2027 earnings call transcript (The Motley Fool)](https://www.fool.com/earnings/call-transcripts/2026/09/11/oracle-orcl-q1-2027-earnings-call-transcript/) - marketscreener.com[Oracle FY2026 10-K](https://www.marketscreener.com/news/oracle-annual-report-for-fiscal-year-ending-may-31-2026-form-10-k-ce7f5cd3d088ff21) - 933thedrive.com[Reuters via 93.3 The Drive](https://www.933thedrive.com/2026/09/18/oracles-18-billion-data-center-debt-under-pressure-ft-reports/) - thestar.com.my[Reuters via The Star](https://www.thestar.com.my/tech/tech-news/2026/09/19/oracle039s-18-billion-data-center-debt-under-pressure-ft-reports) - bloomberg.com[Bloomberg News, 24 September 2026](https://www.bloomberg.com/news/articles/2026-09-24/oracle-cites-force-majeure-to-shield-itself-on-controversial-data-center) - economictimes.indiatimes.com[Reuters (via The Economic Times), 24 September 2026](https://economictimes.indiatimes.com/tech/technology/oracle-cites-force-majeure-to-shield-itself-on-controversial-data-centre-bloomberg-news/articleshow/134462802.cms) - reuters.com[Reuters](https://www.reuters.com/technology/openai-softbank-each-commit-19-bln-stargate-data-center-venture-information-2025-01-23/) - renewableenergymagazine.com[Renewable Energy Magazine](https://www.renewableenergymagazine.com/wind/oracle-invests-in-over-1-7-gw-20260917) - esgtoday.com[ESG Today](https://www.esgtoday.com/oracle-signs-over-1-7gw-of-clean-energy-deals-in-bid-to-match-data-centers-with-100-carbon-free-energy/) - rwe.com[RWE release](https://www.rwe.com/en/investor-relations/financial-calendar-and-publications/news-and-ad-hoc-announcements/news/news-2026-09-17/) - oracle.com[Oracle release, 27 April 2026](https://www.oracle.com/news/announcement/oracle-borderplex-and-bloom-energy-to-power-project-jupiter-with-fuel-cell-technology-2026-04-27/) - 247wallst.com[24/7 Wall St., 25 September 2026](https://247wallst.com/investing/2026/09/25/bloom-energy-jumps-8-as-oracle-reaffirms-2-4-gw-fuel-cell-contract-after-force-majeure-notice/) - wisconsinwatch.org[Wisconsin Watch](https://wisconsinwatch.org/2026/10/wisconsin-we-energies-deal-oracle-data-center-nuclear-energy-power-point-beach-plant/) - biztimes.com[BizTimes Milwaukee](https://biztimes.com/user-of-port-washington-data-center-commits-to-absorb-300-million-in-rising-costs-for-point-beach-nuclear-plant/) - msn.com[Milwaukee Journal Sentinel (via MSN)](https://www.msn.com/en-us/news/other/oracle-data-center-deal-could-lower-we-energies-electric-bills/ar-AA2dnzeQ) - finance.yahoo.com[Oracle release via PR Newswire (Yahoo Finance), 2 October 2026](https://finance.yahoo.com/energy/articles/oracle-announces-commitment-absorb-300-130000568.html) - civicmedia.us[Wisconsin Watch via Civic Media, 2 October 2026](https://civicmedia.us/news/2026/10/02/we-energies-strikes-deal-to-power-oracle-data-center-with-nuclear-energy) - sec.gov[Energy Transfer Q3 2025 results (Form 8-K Ex. 99.1)](https://www.sec.gov/Archives/edgar/data/1276187/000127618725000116/ex991eterq32025.htm) - sec.gov[Energy Transfer Q4 2025 results (Form 8-K Ex. 99.1)](https://www.sec.gov/Archives/edgar/data/1276187/000127618726000004/et12312025ex991er.htm) - finance.yahoo.com[Yahoo Finance / The Motley Fool](https://finance.yahoo.com/markets/stocks/articles/oracle-just-revealed-massive-638-025100271.html) - bloomberg.com[Bloomberg](https://www.bloomberg.com/news/articles/2026-06-10/oracle-reports-higher-than-expected-data-center-spending) ### Hyperscaler: one page each [Alphabet / Google 25](https://savrn.com/data-center-capital-atlas/company/alphabet)[Amazon (AWS) 20](https://savrn.com/data-center-capital-atlas/company/amazon)[Apple 1](https://savrn.com/data-center-capital-atlas/company/apple)[Meta Platforms 12](https://savrn.com/data-center-capital-atlas/company/meta)[Microsoft (Azure) 16](https://savrn.com/data-center-capital-atlas/company/microsoft)[Oracle 2](https://savrn.com/data-center-capital-atlas/company/oracle) The figure beside each provider is its count of named sites in the atlas. Part of the [North American Data Center Capital Atlas](https://savrn.com/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. [Open the watchlist →](https://savrn.com/data-center-delay-tracker) 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 →](https://savrn.com/site-intelligence)