400 megawatts online in a single quarter. 10 gigawatts of power secured for the next three years. And a $553 billion remaining performance obligation.
Oracle just dropped its Q3 FY2026 numbers. What stood out in this earnings call?
- The scale. Oracle stood up 400MW of data center capacity in just three months. And they’ve already locked down 10GW of power for the pipeline through 2029. That’s enough to power roughly 8 million homes, all dedicated to AI and cloud.
- The money is moving. $30 billion raised in days after announcing a $50 billion fundraising target. The market is saying yes to AI infrastructure, and capital is flooding in to meet it.
- The business model is evolving. Oracle is doing something clever here, with more than 90 percent of their new capacity already funded through partners. And in some cases, they’re letting customers bring their own rented chips. They’ve signed $29 billion in contracts using “bring-your-own-hardware” models. It’s de-risking their balance sheet while they scale.
The result? AI infrastructure revenue up 243% year-over-year. Total revenue $17.2 billion for the quarter, up 22% YoY. And a full-year 2026 revenue target of $67 billion, climbing to $90 billion in 2027.
Their $553 billion RPO is up 325% YoY. It’s a line of sight into the future, and it says demand isn’t slowing down anytime soon.
