Oracle reported significant growth in its cloud business for the first quarter of fiscal year 2027. The company secured over $30 billion in new AI cloud contracts, bringing its total remaining performance obligations to $664 billion, which marks a $209 billion year-over-year increase.
Cloud infrastructure revenue grew by 121% to $7.4 billion, while total cloud revenue reached $11.6 billion, representing a 62% increase compared to the previous year. To support this demand, Oracle delivered over 300,000 GPUs and expanded its datacenter capacity by 850 megawatts.
The company raised $20 billion through a common stock sale to finance further datacenter expansion. Oracle's customer base for AI workloads includes OpenAI, xAI, Meta, NVIDIA, and AMD. A key multi-year agreement with OpenAI for the Stargate project is expected to generate $30 billion annually starting in fiscal year 2028.
