Oracle: AI deals, investors and valuation

Oracle files a $10 billion bond issue together with $10 billion of shares to fund data centers.

After Blue Owl's exit, the Stargate campus in Saline Township, Michigan, built by Related Digital for Oracle, closes $16 billion: about $14 billion of long-term debt from PIMCO funds, with Bank of America as structurer.

Blackstone funds put in about $2 billion of equity, alongside Related Digital, in Oracle's Stargate data center in Michigan.

Oracle and OpenAI drop the 600 MW expansion of the Abilene site (Texas) after lengthy financing talks; Oracle says the overall 4.5 GW plan is still on track.

Part of the $45-50 billion plan for 2026: half debt, half equity (share sale program of up to $20 billion and mandatory convertibles).

About 20 banks (agents SMBC, BNP Paribas, Goldman Sachs, MUFG) lend about $18 billion for the Stargate campus in Doña Ana (New Mexico) developed by STACK and leased to Oracle. In 2026 the loans trade at 89-91 cents.

OpenAI, Oracle and Vantage announce Lighthouse in Port Washington (Wisconsin), a campus of about 900 MW and over $15 billion that Vantage is building for Oracle.

Oracle will be the first hyperscaler to offer a public supercluster of 50,000 MI450 GPUs (Helios racks) from Q3 2026, with expansion from 2027.

Second-largest issuance of 2025, with orders near $88 billion, to fund AI data centers.

Oracle is negotiating a multi-year deal worth about $20 billion to provide compute to Meta to train and serve its models.

Contract worth about $300 billion over ~5 years (from 2027) for 4.5 GW of Stargate capacity, following the 4.5 GW deal of July 2025.

Vantage announces Frontier, a 1.4 GW campus worth over $25 billion in Shackelford County (Texas), part of Oracle and OpenAI's Stargate expansion.

According to the Financial Times, Oracle is buying about 400,000 GB200 chips for the Abilene (Texas) data center destined for OpenAI.

Oracle contributes about $7 billion to the Stargate JV and builds/operates its data centers (Abilene and other sites).