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Oracle forecasts $166 billion in cloud revenue by 2030 as AI demand fuels growth

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Oracle (ORCL.N) expects its cloud infrastructure business to soar to $166 billion in annual revenue by fiscal 2030, nearly three-quarters of its total projected sales, as the company capitalizes on surging demand for artificial intelligence and cloud computing.

The forecast, unveiled by CEO Clay Magouyrk during a meeting with analysts, signals Oracle’s growing confidence that its cloud business will continue to expand well beyond its current customer base, which includes OpenAI and Meta Platforms.

CFO Dough Kehring said Oracle anticipates total revenue of $225 billion and adjusted earnings of $21 per share by 2030, outpacing Wall Street expectations of $198.4 billion in sales and $18.92 per share in profits, according to LSEG data.

The company’s cloud infrastructure bookings have ballooned, with Oracle reporting a $65 billion surge in new commitments over a single month last quarter — including a $20 billion deal with Meta. Magouyrk emphasized that the new commitments came from multiple clients, not just OpenAI.

In its most recent quarter, Oracle’s cloud revenue jumped 28% to $7.2 billion, underscoring rapid adoption of its AI and enterprise cloud services.

While the company’s gross margins are expected to fluctuate as it scales its infrastructure business, Oracle said its AI cloud margins will remain in the 30–40% range, while traditional enterprise cloud segments will maintain between 65% and 80% margins.

Oracle shares rose 3% after the forecast, though they dipped slightly in after-hours trading.

Oracle in talks for $20B AI cloud deal with Meta

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Oracle is negotiating a multi-year cloud computing contract with Meta worth about $20 billion, a source told Reuters on Friday, highlighting the social media giant’s urgent push to secure computing capacity for AI development.

Under the potential deal, Oracle would provide infrastructure for training and deploying AI models, supplementing Meta’s existing cloud partnerships. Neither company commented on the report.

The talks come just days after news that OpenAI signed a landmark agreement to buy $300 billion worth of computing power from Oracle over five years—one of the largest cloud deals ever recorded.

Oracle, once known primarily for enterprise software, has rapidly repositioned itself as a heavyweight in cloud infrastructure through Oracle Cloud Infrastructure (OCI). It has partnered with Amazon, Google, and Microsoft to allow their customers to run Oracle workloads alongside native services. Revenue from these tie-ups surged more than 16x in Q1.

In recent weeks, Oracle has announced four additional multi-billion-dollar contracts as AI firms such as OpenAI, Musk’s xAI, and now Meta aggressively lock in long-term capacity. Oracle said it expects to sign more mega-customers in the coming months, projecting over half a trillion dollars in booked OCI revenue.

If finalized, the Meta deal would further cement Oracle as a critical player in the AI infrastructure race, rivaling traditional hyperscalers and underscoring just how central cloud power has become in the battle for AI dominance.