Deals of this size are nothing new for Oracle. TD Cowen believes the company signed a 200 megawatt commitment with OpenAI in mid-2024 and “a much larger contract” at the start of 2025, which contributed to a sequential spike in gross new bookings in the third quarter.

Earlier this week, Oracle announced it had signed a single cloud computing contract worth $30bn in annual revenue beginning in 2028, without naming the customer. People close to the matter confirmed to the Financial Times that the customer was OpenAI as part of its expansion of Stargate.

Announced by President Donald Trump in January 2025, Stargate is a $500 billion generative AI infrastructure venture in the US, led by OpenAI, Oracle, Japanese telecoms giant SoftBank, and MGX, an investment firm based in the United Arab Emirates. OpenAI intends to operate the data centres. Oracle will provide server infrastructure and leasing.