Oracle Drives $600B-$720B AI Capex with Bloom Energy Partnership
Oracle is among hyperscalers guiding 2026 capital expenditures totaling $600B to $720B, a 36% to 70% year-over-year increase, with 75% allocated to AI infrastructure. The company formed a partnership with Bloom Energy to power AI data centers as banks seek to offload growing data center debt.
1. Hyperscaler AI Capex Guidance
Oracle joined Microsoft, Amazon, Alphabet and Meta in projecting combined 2026 capital expenditures of $600B to $720B, marking a 36% to 70% year-over-year increase and allocating 75% of that spend to AI infrastructure, underpinning growth in Oracle Cloud services.
2. Bloom Energy Partnership
Oracle formed a strategic partnership with Bloom Energy after Bloom’s Q1 2026 results beat estimates, deploying Solid Oxide Fuel Cell systems to power AI data centers and enhance energy efficiency across Oracle’s cloud facilities.
3. Data Center Debt Pressures
Financial institutions are seeking to offload loans tied to data center developments as debt levels escalate, a trend that could pressure financing options for Oracle’s infrastructure clients and influence future cloud adoption cycles.