OpenAI to Spend $750 Billion on Compute by 2030 — But It’s Short on Capacity

Oracle's remaining performance obligations surged 363% to $638 billion, but $56 billion in quarterly capex pushed free cash flow deeply negative.

Jensen Huang disclosed NVIDIA can only meet 70% of current demand, while CoreWeave burned $5.7 billion in Q2 free cash flow against $104 billion in backlog.

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OpenAI now plans to spend roughly $750 billion on compute infrastructure through 2030, a figure that represents a 25% increase from earlier 2026 estimates. The company still calls itself "really short" on capacity. That gap, between three-quarters of a trillion dollars in planned spend and a stated capacity shortfall, is the number that reframes every AI infrastructure bet on the board, starting with Oracle ( NYSE:ORCL ).

Oracle is the clearest public-market conduit for that OpenAI dollar. In Q4 FY26, Oracle disclosed remaining performance obligations of $638 billion, up 363% year over year, of which $75 billion is tied to prepaid or customer-supplied GPU arrangements. Cloud Infrastructure revenue reached $5.79 billion, up 93% year over year, and Oracle Multicloud AI Database grew 404% in Q4. Global GPU utilization sits at 97.5%, and management said "there's still a massively higher demand than there is supply."

The scale is real. So is the strain. Oracle delivered more than 1.2 gigawatts to customers in fiscal 2026, with Q1 FY27 delivery approaching nearly 1 gigawatt, on par with the entire prior four quarters combined. To feed that pipeline, Oracle plans to raise approximately $40 billion in FY2027 through debt and equity financing, including a $20 billion at-the-market equity program.

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Oracle shares are riding the demand story and absorbing the funding one at the same time. The stock is up 14.12% over the past week and 9.7% over the past month, trading at $161.28. Zoom out and the tone flips: shares are down 16.45% year to date and down 31.6% over the past year. The market is paying for backlog and marking down the cash-flow bill required to build it.