Overview
- Oracle says its contracted backlog has reached $553 billion for AI data‑center work, and it expects to meet its fiscal 2027 growth targets.
- Much of the demand ties to a reported multi‑year OpenAI commitment of about $300 billion and a planned 4.5‑gigawatt U.S. buildout.
- The company is financing that build with heavy borrowing, lifting non‑current debt to about $124.7 billion and pushing trailing free cash flow to roughly negative $24.7 billion.
- Large job cuts are under way, with at least 10,000 roles eliminated and estimates as high as 30,000, and many staff said a pre‑dawn email announced the loss with immediate access cuts.
- Financing continues at the project level, as Reuters reported a roughly $16 billion package for a 1‑gigawatt Michigan campus backed by Blackstone equity and Bank of America‑led bonds.