Oracle signs cloud services deal, eyes over $30B in revenue: Report
Earlier this year, Oracle announced a joint venture called Stargate, with OpenAI and SoftBank, to invest billions in expanding AI infrastructure and provide massive computing power.
The US multinational tech firm has signed a single cloud-services deal expected to generate over $30 billion in annual revenue starting in 2028, reported CNBC on Monday.
Chief Executive Safra Catz told investors in a filing with the US Securities and Exchange Commission that revenue from Oracle Database running on rival clouds is already growing at over 100% year-on-year.
She added that the firm has signed multiple large cloud services agreements since April 1, the start of its 2026 financial year. The CEO officially announced the deal during a company meeting on Monday.
Earlier this year, Oracle announced a joint venture called Stargate, with OpenAI and SoftBank, to invest billions in expanding AI infrastructure and provide massive computing power.
In a major push to meet growing demand for AI infrastructure, the venture was launched with support from US President Donald Trump earlier this year, who announced up to $500 billion in private sector investment.
NVIDIA to manufacture AI supercomputers and chips in US as part of $500B Stargate project
The project will be initially backed by SoftBank, OpenAI, Oracle, and MGX, with an immediate capital infusion of $100 billion, and the rest expected over the next four years.
The company has made several AI-focused moves, including plans to expand its Stargate joint venture to the UAE and a new partnership with IBM in April. As part of the deal, Oracle will bring IBM’s watsonx AI products to Oracle Cloud Infrastructure (OCI) to help businesses boost enterprise productivity.
Oracle shares hit an all-time high on Monday, climbing more than 5% on the Nasdaq.
Edited by Suman Singh