- Oracle SEC filing reveals $248 billion in data center deals
- “Current” and “expected” demand are pushing widespread expansion
- Public, bank and private debts are providing the cash needed to grow
Oracle has confirmed a continued rise in data center deals, with the value of its lease commitments totalling $248 billion as of November 30, 2025.
We recently reported the company planned to raise Capex to $50 billion this fiscal year, up from an earlier forecast of $35 billion.
But now, we know Oracle has nearly $250 billion in data center and cloud capacity leasing deals set to last 15-19 years, marking a considerable 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 $248 billion of additional lease commitments, substantially all related to data centers and cloud capacity arrangements, that are generally expected to commence between the third quarter of fiscal 2026 and fiscal 2028 and for terms of fifteen to nineteen years that were not reflected on our condense consolidated balance sheets as of November 30, 2025,” the company wrote in its SEC filing.
Oracle also admitted its cloud and software expenses have 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 in order to meet current and expected customer demand.”
New contracts with Meta and Nvidia already drove Capex upwards, but a $300 billion deal with OpenAI announced in September has also had considerable effects on Oracle’s financials. Under that deal, Oracle will add up to 4.5GW of additional capacity to Project Stargate across three sites: Shackelford County, Texas; Doña Ana County, New Mexico; and a site in the Midwest.
This rapid expansion piled an extra $18 billion of debt on Oracle, with total obligations now exceeding $124 billion (up from $89 billion one year ago).
“Public bond, bank and private debt markets” are available as sources of funding, Principal Financial Officer Doug Kehring explained on the earnings call.
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