- Oracle SEC filing reveals $248 billion in data center deals
- “Current” and “anticipated” demand is pushing widespread expansion
- Public, bank and private debt provides the cash needed to grow
Oracle has confirmed a continued increase in data center deals, with the value of its leasing commitments totaling $248 billion per year. 30 November 2025.
We recently reported that the company planned to raise Capex to $50 billion this fiscal year, up from an earlier forecast of $35 billion.
But now we know that Oracle has nearly $250 billion in data center and cloud capacity leases that will last 15-19 years, a significant 148% increase since the previous quarter in August 2025.
Oracle’s future is dominated by data center deals
“As of November 30, 2025, we had additional lease obligations of $248 billion, substantially all related to data center and cloud capacity arrangements, which are generally expected to commence between the third quarter of fiscal year 2026 and fiscal year 2028 and for periods of fifteen to nineteen years, which were not reflected on our consolidated November 30 contaminant,”0 the company wrote in its SEC filing.
Oracle also admitted that its cloud and software spending has grown in recent periods – a trend it sees continuing for a number of years “as [it] increase[s] [its] existing data center capacity and establish[es] data centers in new geographic locations to meet current and anticipated customer needs.”
New contracts with Meta and Nvidia have already boosted Capex, but a $300 billion deal with OpenAI announced in September has also had significant effects on Oracle’s finances. Under this agreement, Oracle will add up to 4.5 GW of additional capacity to Project Stargate across three locations: Shackelford County, Texas; Doña Ana County, New Mexico; and somewhere in the Midwest.
This rapid expansion piled an additional $18 billion in debt on Oracle, and total liabilities now exceed $124 billion (up from $89 billion a year ago).
“Government bonds, banks and private debt markets” are available as funding sources, Chief Financial Officer Doug Kehring explained on the earnings call.
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