Earlier this week, Oracle announced it had signed a single cloud computing contract worth $30bn in annual revenue beginning in 2028, without naming the customer. People close to the matter confirmed to the Financial Times that the customer was OpenAI as part of its expansion of Stargate.

Deals of this size are nothing new for Oracle. TD Cowen believes the company signed a 200 megawatt commitment with OpenAI in mid-2024 and “a much larger contract” at the start of 2025, which contributed to a sequential spike in gross new bookings in the third quarter.