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Oracle stock surges: Hits record high on $30 billion cloud deal; revenue to flow from FY28

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Oracle stock surges: Hits record high on $30 billion cloud deal; revenue to flow from FY28

Oracle Corp’s stock soared 4% on Monday to a record $218.63 after a regulatory filing revealed a major cloud computing agreement that could add more than $30 billion in annual revenue beginning fiscal 2028. The deal, which was disclosed ahead of a company-wide meeting, marks a significant milestone in Oracle’s pivot to AI infrastructure and cloud services.CEO Safra Catz, in a Securities and Exchange Commission (SEC) filing, said Oracle is “off to a strong start in FY26,” adding, “Our MultiCloud database revenue continues to grow at over 100%, and we signed multiple large cloud services agreements including one that is expected to contribute more than $30 billion in annual revenue starting in FY28,” reported CNBC.Oracle did not name the customer, but speculation is high that it may be tied to OpenAI and SoftBank’s $500 billion Stargate project, which aims to create a vast global network of AI data centres.Founder Larry Ellison had earlier hinted in March that Oracle expected to finalise a deal with Stargate “fairly soon.”The $30 billion figure is nearly triple the $10.3 billion Oracle generated from its data centre operations in FY25, reported Financial Times. The deal won’t impact Oracle’s FY26 guidance, but it cements its growing clout in the cloud and AI sectors. Analysts believe the revenue surge reflects long-term demand for computing infrastructure amid supply constraints at competitors like Microsoft.As per Financial Times, Oracle is spending around $40 billion on Nvidia’s high-performance chips to power new data centres for OpenAI in Abilene, Texas. Although Stargate is “still in formation,” Catz told investors that the company had already booked some revenue from OpenAI, with more coming from other contracts.Oracle’s stock has jumped over 33% in 2024, buoyed by strong earnings, cloud expansion, and strategic AI tie-ups. These include a recent partnership with IBM and the Stargate venture. Earlier this year, Oracle also inked a cloud services deal with Chinese e-commerce giant Temu, adding further weight to its global ambitions.Having been slow to enter the cloud computing market, Oracle now finds itself among the top beneficiaries of surging demand for AI processing power. With this blockbuster cloud deal, the Austin-based tech giant appears well-positioned to capitalise on the next wave of digital transformation.





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