Cloud

Oracle's AI Cloud: The Backlog and the Debt Behind It

Oracle’s AI-cloud build began showing up in its reported backlog in 2024, when remaining performance obligations reached $98 billion, alongside a rapid expansion of cloud data centers and GPU use. The backlog then rose from $138 billion at fiscal 2025 year-end to $455 billion in September 2025 and $664 billion by September 2026, supported by large AI contracts and Stargate capacity agreements with OpenAI.