- Oracle SEC filing reveals $248 billion in data center deals
- “Current” and “expected” demand supports broad-based expansion
- Public, bank and private debts provide the liquidity needed for growth
Oracle confirmed a continued increase in data center contracts, with the value of its lease commitments totaling $248 billion as of November 30, 2025.
We recently reported that the company plans to increase its capital spending to $50 billion this fiscal year, up from a previous forecast of $35 billion.
But now we know that Oracle has signed nearly $250 billion in data center and cloud capacity leases for 15 to 19 years, representing a whopping 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 in additional lease commitments, substantially all related to data center and cloud capacity agreements, which 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 in our condensed consolidated balance sheets as of November 30, 2025,” the company wrote in its filing with the SEC.
Oracle also admitted that its cloud and software spending has increased in recent periods – a trend that is expected to continue for several years. [it] increase[s] [its] existing data center capacity and establish[es] data centers in new geographic locations to meet current and expected customer demand.
New deals with Meta and Nvidia have already boosted capital spending, but a $300 billion deal with OpenAI announced in September has also had a significant impact on Oracle’s finances. Under the agreement, Oracle will add up to 4.5 GW of additional capacity to the Stargate project at three locations: Shackelford County, Texas; Doña Ana County, New Mexico; and a location in the Midwest.
This rapid expansion has accumulated an additional $18 billion in debt on Oracle, with total liabilities now exceeding $124 billion (up from $89 billion a year ago).
“The public bond, bank and private debt markets” are available as sources of financing, Chief Financial Officer Doug Kehring explained during the earnings conference call.
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