ORCL:Stargate Progress and Oracle's $30Bn Deal

We interviewed an IDC expert who briefed us on Oracle's latest big deal situation.

Texas Stargate project total order expected to reach $56-57bn, current RPO only includes $4.3bn. For the Middle East Stargate project, the expert estimates Oracle will operate 1GW, corresponding to orders of approximately $24bn, but formal deployment won't begin until H2 2026.

Oracle CEO Larry recently mentioned that FY28's $30bn revenue is not included in existing RPO, with demand primarily coming from Stargate and OAI, though the specific proportion remains unclear.

Texas Stargate project progress

• Overall planning: Expert estimates the entire Texas Stargate project will have approximately 1.4GW, equivalent to 400,000 B-series GPUs.

• Current progress: 2 buildings have begun operations, totaling 400MW. Currently, 21,000 B200 cards are in use, with the remaining 19,000 cards still being deployed. The total order amount for these 40,000 cards is $8.7bn (GPU leasing price $2.5/hr, 16% upfront payment), with half already included in the previous $138bn RPO.

• Future planning: 6 buildings are under construction, expected to be completed in H1 2026, with corresponding order value around $48bn (GPU leasing price will decrease to $1.95-2/hr, and OAI will pay according to actual utilization, with expert estimating overall utilization at 80%). The expert expects these orders will likely begin to be incorporated into Oracle's RPO in batches starting next quarter.

Middle East Abu Dhabi Stargate project progress