Oracle delivers 300,000 GPUs into a $664B backlog

Oracle delivered more than 300,000 GPUs to AI-cloud customers in Q1 FY27 while booking more than $30 billion in new AI contracts and lifting remaining performance obligations to $664 billion, according to its Q1 results release. Cloud-infrastructure revenue rose 121% to $7.4 billion, but capital expenditures reached $28.5 billion and free cash flow was negative $5 billion. Operators should read this as contracted, supply-constrained capacity—not proof that Oracle is cheap spot capacity—and compare regional builds against the archive’s $40 million-per-megawatt Rubin benchmark.