Oracle has secured what is believed to be the biggest cloud deal in history, with an unnamed customer committing to spend more than $30 billion a year on its services from the 2028 financial year.
The $30 billion deal is worth half of Oracle’s revenue from its 2025 financial year, and was revealed in a filing to the US Securities and Exchange Commission on Monday. In the filing, Oracle CEO Safra Catz noted, “Oracle is off to a strong start in fiscal year 2026. Our multi-cloud database revenue continues to grow at over 100 percent, and we signed multiple large cloud services agreements including one that is expected to contribute more than $30 billion in annual revenue starting in fiscal year 2028.”
The filing offers no clues as to who has signed on the dotted line. However, during Oracle’s Q4 2025 earnings call, the company’s founder Larry Ellison spoke of the new client, which “said we’ll take all the capacity you have wherever it is. It could be in Europe, could be in Asia, we’ll just take everything.”
That remark, coupled with Ellison’s March prediction that he expected to finalise a contract with OpenAI and SoftBank’s US $500 billion Stargate data centre project “fairly soon,” has fuelled speculation that OpenAI could be behind the mega-deal.
Oracle’s cloud revenues are already surging
Oracle reported $57.4 billion in revenue for FY 2025, including $24.4 billion from cloud, of which $10.3 billion came from infrastructure-as-a-service. In the same SEC update this week, Catz said the company was already “off to a strong start” for FY 2026, having signed “multiple large cloud service agreements.”
Among those is a “gigantic contract” announced last month with Chinese e-commerce platform Temu, alongside a fresh hybrid-cloud arrangement with IBM.
Before these mega deals, it was believed that one of Oracle’s biggest customers was TikTok, which moved its US workloads to Oracle when then-President Donald Trump threatened to ban the social media platform. Trump now claims a new buyer for TikTok’s American arm will be revealed “in about two weeks,” adding that it is “a group of very wealthy people.” Oracle has previously shown interest in purchasing TikTok.
Bet on multi-cloud – and GPUs
Oracle’s willingness to plant its own hardware inside rival hyperscalers’ facilities continues to see success. “We currently have 23 multi-cloud data centres live with 47 more being built over the next 12 months,” Ellison said earlier this month, projecting triple-digit percentage growth for the segment into FY 2026.
With a single customer now poised to eclipse half of Oracle’s total FY 2025 revenue, the database giant’s multi-cloud gamble appears to be paying off handsomely – even if the industry will be left guessing who just signed the $30 billion deal.
