Story perspectives

Oracle Secures $16B Michigan Data-Center Funding, Boosts Cloud Revenue

4/28/2026

Summary

Story summary

Oracle Corp. closed a $16 billion financing package for a new data-center in Saline Township, Michigan, on Friday.
The package includes $14 billion of Bank of America bonds, with Pimco buying about $10 billion and other investors the rest.
Wedbush analyst Dan Ives upgraded Oracle to outperform with a $225 price target.
Oracle reported Q3 revenue of $17.2 billion, cloud infrastructure revenue of $4.9 billion up 84%, and raised its FY2027 revenue target to $90 billion.

History

Historical Context

In March 2006 AWS released S3 and in August added EC2, establishing the first large-scale public cloud infrastructure in the United States. The service’s rapid growth led to $17.46 billion in annual revenue by 2017 and a dominant market share, prompting rivals such as Oracle to fund a $16 billion Michigan data-center project to challenge AWS’s lead.

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Story summary

Oracle Corp. closed a $16 billion financing package for a new data-center in Saline Township, Michigan, on Friday.
The package includes $14 billion of Bank of America bonds, with Pimco buying about $10 billion and other investors the rest.
Wedbush analyst Dan Ives upgraded Oracle to outperform with a $225 price target.
Oracle reported Q3 revenue of $17.2 billion, cloud infrastructure revenue of $4.9 billion up 84%, and raised its FY2027 revenue target to $90 billion.

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