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Oracle shares have skyrocketed to record highs as Database Giant announced a $30 billion cloud computing agreement that almost triples the annual revenue generated by its fastest-growing divisions.
The tech group, valued at around $6200 billion, said in a regulatory filing Monday it signed a revenue-producing agreement in 2028.
Oracle’s shares rose 4.9% at noon in New York, but previously earned 8.6%, hitting a record high of $228.22. The company’s shares have grown by about a third of their year to date.
Safra Catz CEO said the company is “officially off to a strong start” by signing “multiple large-scale cloud services agreements” in 2026. The company previously promoted deals with Chinese e-commerce platform Temu.
Although Oracle did not disclose the customer’s name, founder Larry Ellison said in March that he hoped Oracle would sign Openai and Softbank’s initial agreement with Softbank’s $500 billion Stargate Data Center project as “very close.”
The $30 billion transaction is an important milestone for Oracle, representing nearly three times the revenue generated from its data center operations in 2025.
The Austin, Texas-based company has slowed entry into the cloud computing market, but demand for data center infrastructure has increased sharply, up 52% in recent quarter as companies seek computing power to run artificial intelligence.
Oracle is one of the leading beneficiaries from rival capacity constraints, including Microsoft, where large tech companies are putting hundreds of billions of dollars into data center build-outs to train and deploy artificial intelligence models.
Oracle became a partner at Stargate earlier this year. It pledged $7 billion for the venture, but other investors expect the majority of the funding.
The company will spend around $400 billion on Nvidia’s high-performance computer chips to power Openai’s first set of data centers in Abilene, Texas.
Catz told investors earlier this month that Stargate was “still in formation” and booked revenue from Openai, but the majority of its growth was driven by contracts with other companies.
Openai and Oracle did not respond immediately to requests for comment.
Additional Reports by Christina Criddle of San Francisco
