Oracle
The company behind the database many large businesses run on, now borrowing heavily to rent computing power to AI labs.
The scores
Growth3/4 ↑
Revenue grew 30% in Q1 FY2027 and is guided to $90B, but the growth narrows to rented computing for a few AI buyers.
Business quality3/4 ↓
Database customers rarely leave, but the growing half rents capacity buyers can take elsewhere, and its margins are lower and falling.
Financial position2/4 ↓
Free cash flow is minus $28.7B a year, debt $125B, $288B of leases signed, and the plan needs about $40B of new money this year.
Execution record3/4 →
Beat estimates four quarters running and now dates positive cash flow to late fiscal 2028; spending keeps rising until then.
Per share capture2/4 ↓
141M new shares sold, a convertible preferred, no buybacks and $4.8B of stock pay: diluted shares rose 3% in a year.
Potential2/4 →
$664B is signed, but it pays only if a few AI buyers, mainly OpenAI, raise the money to take it, which Oracle does not control.
Risk profile2/4 ↓
One buyer's funding decides whether long leases and debt are covered; a delayed site and a pending permit show it can slip.
Valuation3/4 ↑
About 18 times guided adjusted earnings and 22 trailing: the guided plan, nothing for the backlog beyond it or the cash gap.
Evidence quality3/4 →
Results, backlog, debt and leases are filed; who the backlog is with and whether they can pay rest on inference and outside accounts.
The Verdict
We rate Oracle neutral. It is a mixed business: customers rarely abandon its database, which brings in about $20B a year of support, but the fast-growing half rents computing power to a few AI labs and earns less on it. The price is fair: at about 18 times the earnings guided for the year to May 2027, it is about right if the plan arrives, with no cushion if it does not. The risk is OpenAI, behind most of $664B of signed contracts: Oracle borrows and sells shares to build for it, and OpenAI must raise the money to pay.
The long caseAI labs and companies keep buying more computing than they can build themselves, and Oracle's database customers stay while it delivers capacity.
The evidence under this - 7 claims
Support growth of 1% says few customers leave but also that the installed base is not growing; licence sales fell.
The cloud and software segment margin fell to 55% from 60% a year earlier (C13): the growth is coming from the lower-margin half of the company.
Neither filing names the customers, and about a third of the total is not due for three to five years, so the figure is a schedule of promises whose value rests on the buyers' ability to pay (C06, C07).
Management says Q1's $30B of new contracts came from several customers on prepayment or with their own chips (C12), so the share resting on OpenAI may be falling; nobody outside can measure it.
On trailing earnings Oracle is near the median of Microsoft, Amazon and Alphabet, so the low forward multiple partly reflects earnings growth those rivals also have.
The company
Oracle sells the database software that stores a company's customers, orders and payroll, the business applications that run on it, and yearly support for both.
It also runs its own cloud: data centres full of servers and Nvidia or AMD chips that it rents by the hour or on contracts of several years. AI labs rent huge clusters of these chips to train and run their models, instead of building their own.
The evidence under this - 3 claims
Epoch AI reports that OpenAI dropped its plan to expand Abilene and that Microsoft took the neighbouring site (C18).
How it makes money
Three kinds of money arrive. Support and licences are the old engine: customers pay every year to keep the database updated, and Oracle keeps most of each dollar. Cloud applications are monthly subscriptions. Cloud infrastructure is rent on computing power, now the largest single line and the fastest-growing.
The catch is the order of payments: Oracle buys the buildings and chips first and collects the rent over years, so cash goes out long before it comes back.
The evidence under this - 3 claims
The cloud and software segment margin fell to 55% from 60% a year earlier (C13): the growth is coming from the lower-margin half of the company.
Where the money comes from, stream by stream
| Stream | Share of sales (Q1 FY 2027) | How it earns it |
|---|---|---|
| Cloud infrastructure | 38.2% | Rented computing power, storage, AI chip clusters and database services by the hour or on multi-year contracts. |
| Software support | 25.3% | Yearly fees from customers keeping Oracle's database and applications on their own servers, for updates and help. |
| Cloud applications | 21.8% | Subscriptions to Fusion, NetSuite and industry applications such as health records. |
| Services | 7.3% | Consulting and help installing and running Oracle's products. |
| Hardware | 4.0% | Servers, storage and engineered systems. |
| Software licences | 3.4% | New perpetual licences for the database and applications. |
Who runs it
Founder Larry Ellison, chairman and chief technology officer, owns 38% of the company. Since September 2025 two co-chief executives run it: Clay Magouyrk, who built Oracle's cloud after working at Amazon Web Services, and Mike Sicilia, from its industry applications. Hilary Maxson became finance chief in April 2026.
The bonus pays on growth in adjusted operating income, and the big option awards pay on revenue reaching $100B to $125B in the year to May 2028. Every option is worth nothing at today's price.
The evidence under this - 3 claims
Why it wins, and who could beat it
Why customers come back
Leaving Oracle's database means rewriting and retesting the systems that run payroll, billing or banking, so customers keep paying support instead; support revenue has stayed near $20B a year. The UK competition regulator found fewer than 1% of cloud customers switch provider a year.
Oracle now lets its database run inside Microsoft's and Amazon's clouds, so a customer can move everything else without leaving it. The rented computing has no such lock: an AI lab can take its next cluster elsewhere, and the margin is lower.
The evidence under this - 4 claims
Support growth of 1% says few customers leave but also that the installed base is not growing; licence sales fell.
The threat
Amazon, Microsoft and Google rent the same chips to the same AI labs, and OpenAI added $100B of commitments with Amazon this year. CoreWeave and Nebius, which do nothing else, are rated above Oracle by SemiAnalysis. For the software, SAP and Workday compete for the applications, and a customer moving clouds can rewrite onto a rival's database.
The evidence under this - 5 claims
The rivals: AMZN, MSFT, GOOGL, SAP, WDAY, CRWV, NBIS, CRM.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| AMZN | Amazon Web ServicesPriced against it: Yes | Cloud infrastructure | On sale | Yes |
| MSFT | Microsoft AzurePriced against it: Yes | Cloud infrastructure | On sale | Yes |
| GOOGL | Google CloudPriced against it: Yes | Cloud infrastructure | On sale | Yes |
| MSFT · AMZN | Microsoft SQL Server and Amazon's databasesPriced against it: Yes | Database, applications and support | On sale | Yes |
| SAP · WDAY | SAP and WorkdayPriced against it: One segment only | Database, applications and support | On sale | One segment only |
| CRWV · NBIS | CoreWeave and NebiusPriced against it: No usable figure | Cloud infrastructure | On sale | No usable figure |
| CRM | SalesforcePriced against it: One segment only | - | On sale | One segment only |
How big it could get
How big this could get
Companies and AI labs spent about $500B on renting cloud computing over the year to mid-2026, and Synergy Research measured the market growing 43% in the June quarter. Oracle's share is about 4.4%, behind Amazon, Microsoft and Google.
The power to run it is the limit: the International Energy Agency expects data centre electricity use to more than double by 2030. Oracle's signed $664B is larger than a year of the whole market today.
The evidence under this - 4 claims
The periods do not line up exactly and Synergy's market includes platform services Oracle reports elsewhere, so the share is approximate.
The agency's own scenarios range widely, and its projection predates the 2026 slowdown in some planned sites.
Neither filing names the customers, and about a third of the total is not due for three to five years, so the figure is a schedule of promises whose value rests on the buyers' ability to pay (C06, C07).
Who has signed
Customers have signed $664B of future revenue, about half due within three years. Oracle names none of them, but its annual report admits a few large customers dominate, and Epoch AI reports that the Stargate data centres Oracle equips all serve OpenAI.
The evidence under this - 3 claims
Neither filing names the customers, and about a third of the total is not due for three to five years, so the figure is a schedule of promises whose value rests on the buyers' ability to pay (C06, C07).
Management says Q1's $30B of new contracts came from several customers on prepayment or with their own chips (C12), so the share resting on OpenAI may be falling; nobody outside can measure it.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year |
|---|---|---|---|---|
| Cloud | 60% | +61.5% | +54.6% | +47.3% |
| Software | 29% | -3.0% | -2.5% | -1.3% |
| Services | 7% | +4.8% | +8.9% | +9.2% |
| Hardware | 4% | +15.5% | +11.7% | +8.0% |
| Whole company | 100% | +29.6% | +25.0% | +21.6% |
The filed split through 2026-08-31. These rates are not carried forward: the reading below says why.
How we read it: The score follows the cloud line, not the blend: cloud is 60% of revenue and grew 55% over the half-year while software shrank 2.5%. Held at 3 because that cloud growth rests on a few AI buyers' signed capacity.
The results
The numbers
Sales grew 22% over the twelve months to Aug 2026, about the same pace as the 17% in the year to May 2026.
Operating margin is 32%, up from 29% in the year to May 2024.
Yearly sales growth has ranged from +4.8% to +18% over the last 5 years.
Shareholders' money earned 42% a year, down from 214% in the year to May 2024.
It used $28.7B of cash over the last twelve months, so the $37.1B it holds lasts about 1.3 years at that pace.
It spent more cash than it made while reporting a profit.
The share count rose 7.7% in 4.3 years, and pay in shares costs 6.7% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-07. Fiscal years end in May.
| May 2022 | May 2023 | May 2024 | May 2025 | May 2026 | 12 mo to Aug 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $42.4B | $50.0B | $53.0B | $57.4B | $67.4B | $71.8B |
| Sales growth | +4.8% | +18% | +6.0% | +8.4% | +17% | +22% |
| Profit | ||||||
| Operating margin | 26% | 26% | 29% | 31% | 31% | 32% |
| Net margin | 16% | 17% | 20% | 22% | 25% | 26% |
| What growth costs, per sales dollar | ||||||
| Research and development | 17% | 17% | 17% | 17% | 15% | 14% |
| Sales and marketing | 19% | 18% | 16% | 15% | 12% | 11% |
| General and admin | 3.1% | 3.2% | 2.9% | 2.8% | 2.4% | 2.3% |
| Pay in shares | 6.2% | 7.1% | 7.5% | 8.1% | 7.1% | 6.7% |
| Capital spending | 11% | 17% | 13% | 37% | 83% | 105% |
| Cash | ||||||
| Cash from operations | $9.54B | $17.2B | $18.7B | $20.8B | $32.0B | $46.9B |
| Free cash flow | $5.03B | $8.47B | $11.8B | −$394M | −$23.7B | −$28.7B |
| Balance sheet | ||||||
| Cash and short-term investments | $21.9B | $10.2B | $10.7B | $11.2B | $31.9B | $37.1B |
| Debt | $3.75B | $4.06B | $10.6B | $7.27B | $7.20B | - |
| Net cash | $18.2B | $6.13B | $56.0M | $3.93B | $24.7B | - |
| Returns and shares | ||||||
| Shares (diluted) | 2.79B | 2.77B | 2.82B | 2.87B | 2.91B | 3.00B |
What growth costs
Oracle cut sales and research costs as a share of revenue, so its operating margin rose from 26% to 31% over three years. But growth now comes from rented computing, which earns less, so the cloud and software margin is falling, and spending on buildings and chips rose from about a sixth of revenue to more than four fifths.
The evidence under this - 2 claims
The last report (10 Sep)
Quarter ended August 2026, filed figures.
In Q1 FY2027, the three months to August 2026, revenue rose 30% to $19.35B. Cloud infrastructure, the rented computing, more than doubled to $7.39B, while the old software licences and support slipped 3%. Adjusted earnings rose to $1.92 a share, and management lifted its target for the year to at least $90B of revenue.
The margin on cloud and software fell to 55% from 60%, because rented computing earns less than software, and cash went the other way: spending on data centres of $28.5B left free cash flow at minus $5.4B for the quarter.
What it did to the thesisIt proved the backlog is turning into revenue on schedule and raised the year's target. It also showed the cost: margins slipping as rented computing grows, and cash still flowing out, so the question of who pays for the build stayed open.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $1.92 against $1.74 expected; $1.56 as filed, the gap being what the company adds back.
The evidence under this - 4 claims
The cloud and software segment margin fell to 55% from 60% a year earlier (C13): the growth is coming from the lower-margin half of the company.
The chief financial officer declined to give any date for positive free cash flow (C11), so the guide covers profit and spending but not the cash gap between them.
What management did with the money
Every source of money has gone into data centres: cash from operations, $43B of new debt last year, preferred stock and $20B of new shares. Buybacks stopped, the dividend continues, and Oracle has signed $288B of building leases that have not started yet.
Insiders in 2026Q3: 19 purchases and 37 sales, from their Form 4 filings.
The evidence under this - 3 claims
The price, and where we disagree
In short. Fair. The price pays for the guided year and for little of the backlog beyond it, with no allowance for the cash gap.
The shares fell by more than half from their high of a year ago, while sales per share kept rising, so buyers now pay far less for each dollar of sales. Each drop came on news of more borrowing or spending, and in September Oracle used a legal clause to protect itself on a delayed New Mexico site.
A director bought shares at $139 after that news. On 28 October Oracle dated positive free cash flow to late fiscal 2028. New Mexico rules on the air permit by 23 November.
The evidence under this - 5 claims
Oracle states the project is on its planned schedule, and a force majeure notice protects its own position under the lease rather than cancelling it.
The chief financial officer declined to give any date for positive free cash flow (C11), so the guide covers profit and spending but not the cash gap between them.
How we read the multiple
A buyer pays for this year's plan.
1. Management guides adjusted earnings of $8.10 a share for the year to May 2027. 2. At $144.77 the shares cost about 18 times that. 3. Adjusted earnings leave out $4.8B a year of pay in shares, a real cost. 4. Free cash flow was about minus $29B over the last year, which earnings do not show.
Fair for a business growing 30%, but only if the buyers pay as signed.
Against its own history. Buyers pay far less than their usual price for each dollar of earnings, because the market now prices the borrowing, not the growth.
The evidence under this - 5 claims
On trailing earnings Oracle is near the median of Microsoft, Amazon and Alphabet, so the low forward multiple partly reflects earnings growth those rivals also have.
The chief financial officer declined to give any date for positive free cash flow (C11), so the guide covers profit and spending but not the cash gap between them.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on price for each $1 of yearly profit, cheapest first:
| Ticker | Company | price for each $1 of yearly profit |
|---|---|---|
| GOOGL | Alphabet | 17.0× |
| AMZN | Amazon.com | 20.4× |
| ORCL | Oracle | 22.1× |
| MSFT | Microsoft | 29.3× |
The middle of the other 3 is 20.4. Oracle Corporation is 2nd dearest of 4.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
Near the middle of Microsoft, Amazon and Alphabet, so the price looks like the group's; the debt and the single buyer are Oracle's own.
Also checked and set aside: International Business Machines (a substitute, not the same product).
Where we disagree with the market
Oracle borrowed too much building data centres for one customer who may not pay.
The fall in the price has paid for the plan, but not for the risk that OpenAI cannot fund its contracts.
Bulls read the $664B as revenue already won; bears read the debt and the leases. Both treat the backlog as if its value were known. It is a set of promises, and most of it is only as good as one buyer's next fundraising, which nobody outside OpenAI can see.
Against us on the downside: OpenAI is spreading its computing across Amazon and Microsoft and designing its own chips. Against us on the upside: earnings keep beating.
What analysts say, and the evidence
The evidence under this - 7 claims
On trailing earnings Oracle is near the median of Microsoft, Amazon and Alphabet, so the low forward multiple partly reflects earnings growth those rivals also have.
Neither filing names the customers, and about a third of the total is not due for three to five years, so the figure is a schedule of promises whose value rests on the buyers' ability to pay (C06, C07).
Management says Q1's $30B of new contracts came from several customers on prepayment or with their own chips (C12), so the share resting on OpenAI may be falling; nobody outside can measure it.
Each supplier is short of capacity and OpenAI's total plan exceeds what any one can build, so diversifying need not cut Oracle's signed volume.
What could go wrong, and how we would know
The risks
- One buyer behind the backlog Most of the $664B appears tied to OpenAI, which must keep raising money to pay; a cut would leave Oracle with empty capacity.
- Leases outlast the contracts Oracle signed $288B of leases running fifteen to nineteen years, longer than most customer contracts, and its own annual report flags the mismatch.
- More shares to come Free cash flow is negative and debt is $125B. Management caps new raises at $20B through fiscal 2030, half shares.
- Sites can slip A New Mexico site already sent a legal delay notice after its gas pipeline slipped, and its air permit is undecided.
- The buyer diversifies OpenAI added $100B with Amazon and is designing its own chip, so Oracle's share of its future spending is not fixed.
- One owner controls it Larry Ellison owns 38% and is allowed to pledge his shares, so outside shareholders cannot force a change.
The evidence under this - 7 claims
Management says Q1's $30B of new contracts came from several customers on prepayment or with their own chips (C12), so the share resting on OpenAI may be falling; nobody outside can measure it.
Oracle states the project is on its planned schedule, and a force majeure notice protects its own position under the lease rather than cancelling it.
Each supplier is short of capacity and OpenAI's total plan exceeds what any one can build, so diversifying need not cut Oracle's signed volume.
What we still do not know
- How much of the $664B OpenAI owes, and on what payment terms; neither company publishes it.
- How OpenAI will pay for what it has signed with Oracle, Amazon and Microsoft, since it publishes no audited accounts.
- Whether free cash flow turns positive in late fiscal 2028, as management says.
The evidence under this - 3 claims
Management says Q1's $30B of new contracts came from several customers on prepayment or with their own chips (C12), so the share resting on OpenAI may be falling; nobody outside can measure it.
Oracle states the project is on its planned schedule, and a force majeure notice protects its own position under the lease rather than cancelling it.
The twelve-month cash gap widened to $28,720M (C08), Oracle signed $288B of new leases that start before most projects ramp (C09), and the dated path and fiscal 2030 targets are management's plan, not results; the release gives no spending figures or named buyers.
- 2026-10-28editedthe investor day gave the date for positive free cash flow that the claim said management had not given, and capped new raises
What would change our view
- Neutral→AttractiveA cheaper price on an unchanged plan
It needs:
- ○The shares cost 13 times the adjusted earnings guided for the year to May 2027, from about 18 today.about $105.14 today, 27% below the last close
- Neutral→AttractiveThe cash turns and the buyers widen
It needs all of:
- ○Spending stays under $70B this year and Oracle holds its dated free cash flow plan for late fiscal 2028.watched as it happens
- ○Oracle discloses a second large AI buyer adding at least $50B of signed future revenue.watched as it happens
- Neutral→UnattractiveA buyer steps back
It needs any of:
- ○A large AI customer cancels, delays or renegotiates capacity it signed, or the signed future revenue falls in a quarter.watched as it happens
- ○Oracle sells new shares beyond the $20B already sold before May 2027.watched as it happens
We would also be wrong if
- Cash spending on data centres runs above the $70B cap for the year.
- Support revenue, the database customers who stay, falls by more than 3% in a year.
What is coming
- 23 November 2026 New Mexico air permit decision for Project Jupiter: Whether the first delayed Stargate site gets its power on time.
Every dated event ahead
- 23 November 2026 New Mexico air permit decision for Project Jupiter: Whether the first delayed Stargate site gets its power on time.
- 9 December 2026 Q2 FY2027 results: Cloud growth against the 65% to 71% guide, the backlog, and cash spending against the $70B cap.
Since we wrote this
- 28 OctNewsOracle dates positive free cash flow; view heldManagement put positive free cash flow in the second half of fiscal 2028 and capped new raises at $20B; a plan without a new buyer, so Neutral held.
- 27 OctNewsOracle adds OpenAI products and Google chips to its cloud, no new contract value. View heldOracle AI World: OpenAI product tie-up, Google TPUs and wider Nvidia supply on Oracle Cloud.
- 22 OctThesis reviewRevenue split re-read; view heldOracle's cloud line is 60% of revenue and growing 55%; the growth score already reflected it, so nothing moved.
- 9 OctNewsOpenAI's reported $50 billion revenue run-rate, below $68 billion, hits Oracle's shares. View heldOpenAI tells investors its annualised revenue is about $50 billion, below the $68 billion figure circulating.
- 8 OctNewsOracle reportedly negotiates lender-funded chip leasing with Apollo and Goldman Sachs. View heldWSJ reports Oracle is in talks with Apollo and Goldman Sachs to finance chips through a leasing vehicle.
- 7 OctThesis writtenNeutral, low convictionWritten a month after Q1 FY2027 results and two weeks after the force majeure notice, with the shares 55% below their high.
Also checked 2 times with nothing new to act on.
Sources 22
Sources - 22
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-06-22what Oracle sells, the competition paragraph, concentration and lease risk factors, the FY2026 statements, revenue by type, the backlog and its schedule, debt, the preferred stock and headcountbacksC01C02C05C06C10C13C14C36C38C39
- S02primarycompany release2026-06-10FY2026 revenue by line, adjusted earnings and the financing plan announced with the yearbacksC02C14C32
- S03primarycompany filing2026-09-11the August 2026 balance sheet, cash flow, backlog schedule, leases not yet started, purchase commitments, segment margins, share issuance and debtbacksC03C04C05C08C09C10C13
- S04primarytranscript2026-09-10Oracle Q1 FY2027 earnings call transcript (FMP), held 10 September 2026the guide, capacity delivered, chip use and renewal prices, the cash-flow answer, gross margin, the equity sale and multicloud database growth
We closed more than $30 billion of additional AI contracts in Q1 without requiring additional capital from Oracle.
backsC03C04C08C10C11C12C35C37 - S05primarycompany release2026-09-10Q1 revenue by line, adjusted earnings and the dividendread, but no claim rests on it
- S06primarycompany filing2026-09-25ownership, the pledging exception, leadership changes, the bonus measure, option strikes and the performance option targetsbacksC25C26C27
- S07primarycompany filing2026-09-14the cancellation of Ellison's share sale planbacksC25
- S08primarycompany filing2026-10-07Form 4 filings read by scripts/insider_fetch.py, 7 October 2026every open-market sale and purchase in a year with its 10b5-1 flagbacksC28
- S09primaryvendor data2026-10-07Research pack for ORCL (FMP market tier, FINRA short interest), fetched 7 October 2026price and returns, the price move split, analyst ratings, target drift, short interest, earnings history, headcount and the insider base ratebacksC01C27C29C31C32C37
- S10primaryregulator2025-07-31Competition and Markets Authority, Cloud services market investigation, summary of final decision Competition and Markets Authoritythe switching rate between cloud providers and the shares of Amazon and Microsoft
Very few customers switch between clouds: less than 1% of customers switch provider each year.
backsC15 - S11primaryindustry data2026-07-30Synergy Research Group: Q2 cloud market passes $143 billion, highest growth rate in eight years Synergy Research Groupcloud infrastructure spending, its growth, the leaders' shares and the fastest-growing second tier
Among the tier two cloud providers, those with the highest growth rates include CoreWeave, OpenAI, Oracle, Crusoe, Nebius, Anthropic and Nscale.
backsC16 - S12primaryindustry data2026-04-17the Stargate plan, the sites under construction, Oracle's ownership of the hardware, and Abilene's expansion going to Microsoft
Oracle will own the hardware at the remaining sites.
backsC18 - S13primarygovernment data2025-04-10International Energy Agency, Energy and AI (2025) International Energy Agencythe projected growth of data centre electricity use
Data centre electricity consumption is set to more than double to around 945 TWh by 2030.
backsC19 - S14primarycompany filing2026-07-31the expanded AWS commitment with OpenAI and Amazon's OpenAI investmentbacksC20
- S15primarycompany filing2026-07-23Google Cloud's revenue backlogbacksC21
- S16primaryindustry data2026-09-23SemiAnalysis, ClusterMAX 3.0 rating of GPU clouds SemiAnalysisthe tiers of GPU clouds, with Oracle rated Gold below CoreWeave and Nebius
Nebius joins CoreWeave in the Platinum tier. While CoreWeave still sets the technical bar for others to follow, Nebius is now established as a provider that consistently commands a premium pricing over others.
backsC22 - S17primarycompany release2026-06-24OpenAI's own chip and its timing
Jalapeño is the first step in a multi-generation compute platform designed for initial deployment by the end of 2026 and expanding in the years ahead
backsC23 - S18secondarynews2026-09-24the notice, the pipeline delay, the air permit deadline and Oracle's statement
Oracle has sent a force majeure notice to the developer of Project Jupiter, a Stargate data center campus in New Mexico.
backsC24 - S19primarycompany filing2026-10-01the director's open-market purchasebacksC28
- S20primarycompany filing2026-03-02what CoreWeave sells and to whombacksC34
- S21primarycompany filing2026-10-07Oracle filed statements, FY2022 to FY2026 and trailing twelve months (content/ORCL/financials.json, SEC XBRL)five years of revenue, operating income, cost lines, stock pay, cash flow, capital spending and share countbacksC36C38
- S22primarycompany filing2026-10-28the fiscal 2030 outlook, the dated path to positive free cash flow, the cap on new capital raises and the reaffirmed fiscal 2027 outlookbacksC11