- Oracle SEC Report Reveals $248 Billion in Data Center Deals
- “Current” and “expected” demand drive widespread expansion
- Government, bank and private debt provide the cash needed for growth.
Oracle confirmed continued growth in data center deals, with the value of its lease obligations totaling $248 billion as of November 30, 2025.
We recently reported on the company capital expenditures are planned to increase to $50 billion this fiscal year, up from a previous forecast of $35 billion.
But we now know that Oracle has secured nearly $250 billion in data center and cloud lease deals spanning 15 to 19 years, representing a massive 148% increase from the previous August 2025 quarter.
Oracle's future is defined by data center deals
“As of November 30, 2025, we had additional lease obligations of $248 billion, substantially all of which were related to data center and cloud capacity arrangements expected to commence between the third quarter of fiscal 2026 and fiscal 2028 and for terms of fifteen to nineteen years, which were not reflected in our condensed consolidated balance sheets as of November 30 2025,” the company wrote in its report to the US Securities and Exchange Commission (SEC). innings.
Oracle also acknowledged that its cloud and software spending has increased recently. This trend, in her opinion, will continue for a number of years. [it] increase[s] [its] existing data center capacity and create[es] data centers in new geographic locations to meet current and expected customer demand.”
New contracts with Meta and Nvidia Capital spending has already increased, but the $300 billion deal with OpenAI announced in September also had a significant impact on Oracle's financials. As part of the deal, Oracle will add up to 4.5 GW of additional capacity to the Stargate project at three sites: Shackelford County, Texas; Doña Ana County, New Mexico; and a Midwest site.
This rapid expansion has increased Oracle's debt by $18 billion, with total liabilities now exceeding $124 billion (up from $89 billion a year ago).
“The government bond markets, bank and private debt markets” are available as sources of funding, Chief Financial Officer Doug Kering explained during the earnings call.
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