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甲骨文(Oracle)
Notable acquisitions include Sun Microsystems in 2010, strengthening Oracle’s hardware presence.
Oracle’s acquisition of PeopleSoft in 2005 and Siebel Systems in 2006 expanded its enterprise software offerings and customer base.
In 2012, Oracle bought Taleo, a talent management software, to add more strings to its bow.
Articles
You can think of this as an acceleration from roughly 50% growth on IaaS in recent quarters to up to 128% growth in future years, specifically from the $32B to $73B in the medium-term of two years out. Also, consider that Azure is at $75 billion, which means Oracle and Microsoft will likely be on par with each other over a four-year period for their infrastructure segments.
“Though Oracle is growing off a much smaller cloud base than say Azure, robust IaaS momentum could drive its Cloud growth at a much faster rate than the Big 3 – defined as Microsoft, Amazon, and Alphabet -- over the next few years.
As stated above, consensus currently models in $46 billion in IaaS revenue in FY28. For the IaaS segment to increase 4.5x from FY25’s $10.2 billion in revenue, this requires growth at a 65.2% CAGR, or a slight deceleration from >70% YoY in FY26 to >60% YoY in both FY27 and FY28.
A This rapid IaaS growth could fuel a 40% CAGR for Oracle’s total Cloud growth by FY28, taking its Cloud segment from $24.4 billion to $66 billion. This 40% CAGR will far outpace AWS’ growth in the high-teens, and Google Cloud and Azure in the high-20% to low-30% range.”
Management raised its guidance to +77% growth in FY26 to $18B, with a clear multi-year ramp to $144 billion within five years.
Our firm had begun to form a picture that Oracle could become more attractive than the Big 3 based on previous estimates of $46 billion in FY2028. As of last night, these estimates are now at $73 billion – suggesting Oracle is becoming a force to contend with.
While the headline miss and QoQ contraction might have raised eyebrows in another context, management quickly shifted the focus forward, guiding Q2 revenue growth of 12-14% YoY – an outlook that suggests a rebound and signals confidence that momentum will accelerate from Q1 levels.
Oracle’s balance sheet and cash flow metrics show a deliberate tilt toward aggressive investment as the company is pulling every lever (e.g. heavy capex, payables management, heavy debt burden, etc.) in the near term to build datacenter capacity and capture OCI demand.
RDMA (Remote Direct Memory Access) is helping to drive Oracle’s AI story by enabling direct memory access between servers without utilizing CPUs, resulting in low-latency, high-bandwidth performance. Bypassing the CPU greatly accelerates data transfer rates, a necessity for large AI workloads requiring massive compute.
RDMA is integral to Oracle Cloud Infrastructure as the backbone of Oracle’s Gen2 Cloud and increasingly large Superclusters for AI training and inference, allowing ultrafast, near real-time performance. Oracle says that it can offer less than 10 microseconds of latency between nodes, improving efficiency.
Oracle offers the widest range of bare metal GPU instances among major cloud providers, and scalability at any size up to 65,536 Hopper GPU clusters and 131,072 B200 GPU clusters, which are expected to come online in 2025.
Last night in the call, Oracle emphasized how cheap they are compared to the Big 3, stating: “We have gotten the entire Oracle Cloud, the whole thing, every feature, every function of the Oracle Cloud down to something we can put into a handful of racks, 3 racks, we call it Butterfly that cost $6 million. So we can give you a private version of the Oracle Cloud with every feature, every security feature, every function, everything we do for $6 million. I think the cost for the other hyperscalers is more than 100x that.”
AI vector search lets enterprises search both structured and unstructured data in a variety of manners, enabling intelligent, relevant and accurate AI responses utilizing their data. Oracle noted in Q3 that its Oracle Database 23ai can convert data into any vector format to be understood by an AI model of choice, facilitating AI training and inference on private data in Oracle’s Database.
“Then we made it very easy for our customers to directly connect all their databases, all their new Oracle AI databases and cloud storage, OCI Cloud storage to the world's most advanced AI reasoning models, ChatGPT, Gemini, Grok, Llama, all of which are uniquely available in the Oracle Cloud. After you vectorize your data and link it to an LLM, the LLM of your choice, you can then ask any question you can think of. Who's offering that to customers? We'll be the first when we deliver it and demonstrate it at AI World next month.”
- 2025-09-10 Oracle, OpenAI Sign $300 Billion Cloud Deal
OpenAI signed a contract with Oracle to purchase $300 billion in computing power over roughly five years, people familiar with the matter said, a massive commitment that far outstrips the startup’s current revenue.
The deal is one of the largest cloud contracts ever signed, reflecting how spending on AI data centers is hitting new highs despite mounting concerns over a potential bubble.
The Oracle contract will require 4.5 gigawatts of power capacity, roughly comparable to the electricity produced by more than two Hoover Dams or the amount consumed by about four million homes.
Oracle shares surged by as much as 43% on Wednesday after the cloud company revealed it added $317 billion in future contract revenue during its latest quarter that ended in Aug. 31. Chief Executive Safra Catz told analysts that it had signed contracts with three different customers during the quarter.
Oracle and OpenAI have entered an agreement to develop 4.5 gigawatts of additional Stargate data center capacity in the U.S.
- 2021-12-20 Oracle Buys Cerner
Oracle Corporation (NYSE: ORCL) and Cerner Corporation today jointly announced an agreement for Oracle to acquire Cerner through an all-cash tender offer for $95.00 per share, or approximately $28.3 billion in equity value. Cerner is a leading provider of digital information systems used within hospitals and health systems to enable medical professionals to deliver better healthcare to individual patients and communities.
Quarter Earnings
FY2026Q1
“We signed four multi-billion-dollar contracts with three different customers in Q1,” said Oracle CEO, Safra Catz. “This resulted in RPO contract backlog increasing 359% to $455 billion. It was an astonishing quarter—and demand for Oracle Cloud Infrastructure continues to build. Over the next few months, we expect to sign-up several additional multi-billion-dollar customers and RPO is likely to exceed half-a-trillion dollars. The scale of our recent RPO growth enables us to make a large upward revision to the Cloud Infrastructure portion of Oracle’s overall financial plan which we will be presenting in detail next month at the Financial Analyst Meeting. As a bit of a preview, we expect Oracle Cloud Infrastructure revenue to grow 77% to $18 billion this fiscal year—and then increase to $32 billion, $73 billion, $114 billion, and $144 billion over the subsequent four years. Most of the revenue in this 5-year forecast is already booked in our reported RPO. Oracle is off to a brilliant start to FY26.”
“MultiCloud database revenue from Amazon, Google and Microsoft grew at the incredible rate of 1,529% in Q1,” said Oracle Chairman and CTO, Larry Ellison. “We expect MultiCloud revenue to grow substantially every quarter for several years as we deliver another 37 datacenters to our three Hyperscaler partners, for a total of 71. And next month at Oracle AI World, we will introduce a new Cloud Infrastructure service called the ‘Oracle AI Database’ that enables our customers to use the Large Language Model of their choice—including Google’s Gemini, OpenAI’s ChatGPT, xAI’s Grok, etc.— directly on top of the Oracle Database to easily access and analyze all their existing database data. This revolutionary new cloud service enables the tens of thousands of our database customers to instantly unlock the value in their data by making it easily accessible to the most advanced AI reasoning models. Oracle AI Cloud Infrastructure and the Oracle MultiCloud AI Database will both contribute to dramatically increasing cloud demand and consumption over the next several years. AI Changes Everything.”
Remaining performance obligations were $455.3 billion as of August 31, 2025, of which we expect to recognize approximately 10% as revenues over the next twelve months, 25% over the subsequent month 13 to month 36, 34% over the subsequent month 37 to month 60 and the remainder thereafter.