AI Industry Map / Compute clouds and the money behind them / Oracle

Compute clouds Supplier to the AI builders

Oracle

Runs large cloud data centres and rents AI computing, with OpenAI as its biggest customer.

Growth: Capital spending up 162% to $55.7B in fiscal 2026. Free cash flow minus $23.7B
Based in: Austin, US
Founded: 1977
Listed: Public (ORCL)

Why it is winning

It holds $638B of contracted future business at the end of fiscal 2026, which shows how big the AI build is.

The risk to watch

Analysts say about half of that backlog is tied to OpenAI, and net debt is about $97.6B.

Money coming in

Who pays Oracle, and for what.

OpenAIpaysOracleabout $300B over about five years (reported, Sep 2025)
pays Oracle for cloud computing under the Stargate project, starting in 2027
datacenterdynamics.com

Money going out

Who Oracle pays to do what it does.

OraclepaysBloom Energyup to 2.8 GW (April 2026)
signed for on-site fuel cells to power data centres
nasdaq.com
OraclepaysCoherenot disclosed
reported as a customer of Cohere's enterprise models
sacra.com

Where it sits on the map

Clouds and finance

Runs large cloud data centres and rents AI computing, with OpenAI as its biggest customer.

Competitors and neighbours

Makes Gemini, the assistant built into Android, Search and Workspace.

25% of AI chip supply (Epoch AI)

Sells Microsoft 365 Copilot inside Office and Windows, and owns a large stake in OpenAI.

20M+ users (2025)

Designs its own Trainium AI chips and rents them out through AWS.

5% of AI chip supply (Epoch AI)

GPU cloud that builds its own data centre campuses and rents capacity to Microsoft and Meta.

Up to 1.2 GW campus under way in Missouri

The largest GPU-only cloud, renting Nvidia chips to AI labs and big tech on long contracts.

Quarterly revenue $2.6B, up 112%. $104B backlog. Still loss-making

Dell Technologies

Builds AI servers from Nvidia and AMD chips for enterprises, clouds and governments.

Full-year fiscal 2027 guidance raised to $192B (Sep 2026)

GPU cloud that rents Nvidia systems to AI builders and to Microsoft.

About $760M annualised in 2025 (Sacra estimate)

Hosts and fine-tunes open AI models on rented GPUs for companies.

About $1B annualised (Sacra estimate, Feb 2026)

Builds AI data centres and rents out the computing power, partly powered by on-site gas.

Raised $3.9B at a $30.9B valuation (Sep 2026)

Sources: aiweekly.co

The map updates three times a week.

241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.

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