Oracle
What Oracle is up to now
A capital-and-infrastructure play — its Stargate stake and OCI put it inside the biggest AI buildout, financed partly through the $35B Apollo/Broadcom SPV. Also holds the clinical-records substrate (Cerner), which quietly ties it to the health lens.
as of 2026-07-24
Kingdom by capital + Stargate position; also the clinical-records substrate (Cerner) — surfaces in the MH lens.
The metrics
- Posture high
- expanding 2 src →
- Capital · available high
- ~$31.9B cash+STI (Q4 FY26, May-2026) — thin against ~$156B debt 1 src →
- Capital · operating high
- ~$32B/yr operating cash flow (FY26, +53.6% YoY) 1 src →
- Capital · deployed high
- ~$55.7B/yr capex in-flight (FY26) + reported ~$450B+ RPO backlog post-Stargate 2 src →
- Capital · in high
- ~$67.4B FY26 revenue (Cloud ~$34B, ~50% of total; +17.4% YoY) + debt-financed inflows 1 src →
- Capital · out high
- ~$61.7B/yr out: ~$55.7B capex + ~$5.8B dividends + ~$0.2B buybacks (FY26) 1 src →
- Optionality high
- constrained/locked — negative FCF (-$23.7B), high leverage (debt $156B, D/E ~3.6x), cash pre-committed to the buildout; Ellison ~40%+ founder control is the one free lever 3 src →
- Gravity high
- GROSS ~$67.4B/yr FY26 revenue (Cloud ~$34B) + reported ~$450B+ RPO backlog post-Stargate (LOW confidence, unverified) — undeflated per board policy 3 src →
Holdings
OciStargate stakeCerner
This week — what changed
- FEC monthlies (F3X, through 06-30) filed 07-20: Oracle PAC · Micron PAC · Highmark PAC · BlackRock PAC — routine, on file.
Projects & threads
·
Circular Financing
capital flow
— developing · last seen 2026-07-28
· 9 entries
·
Nuclear for AI
resource move
↳ Power Buildout
— open · last seen 2026-07-25
· 7 entries
·
Stargate
coalition
↳ Datacenter Sites
— developing · last seen 2026-07-28
· 6 entries
◉
Datacenter Sites
buildout race
↳ Where the Capex Lands
— open · last seen 2026-07-28
· 4 entries
◉
Power Buildout
resource move
↳ Where the Capex Lands
— open · last seen
· 3 entries
Full item history for Oracle →
Vocabulary