Oracle shares jumped after quarterly earnings revealed several multi-billion-dollar contracts. The Wall Street Journal reported that OpenAI plans to buy $300 billion in compute power from Oracle over five years starting in 2027—one of the biggest cloud deals ever.

OpenAI began using Oracle’s infrastructure in mid-2024, moving beyond Microsoft Azure. In January, OpenAI, Oracle, and SoftBank launched the $500 billion Stargate Project to build massive data centres. In July, they announced facilities with 4.5 gigawatts of power under this plan.

The $300 billion deal highlights OpenAI’s push for computing power. Reuters earlier said OpenAI also signed a cloud deal with Google and a $10 billion chip design agreement with Broadcom.

Oracle CEO Safra Catz noted three unnamed customers signed four multi-billion-dollar contracts in Q1, helping cloud revenue surge 77% year-over-year and adding $317 billion to future contract revenue, sending Oracle’s stock soaring and making Chairman Larry Ellison the world’s richest person.

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