Oracle invests hundreds of billions in AI data centers, boosting Vertiv and Caterpillar

Oracle is spending the kind of money that usually gets reserved for small countries’ GDPs. The enterprise software giant has committed $300 billion in a multi-year compute agreement with OpenAI, forming the backbone of the Stargate initiative alongside SoftBank. The buildout spans campuses across Texas, New Mexico, Wisconsin, and Michigan, with a combined target capacity of up to 10 gigawatts. That figure could eventually stretch to $500 billion. And two industrial companies, Vertiv and Caterpillar, are positioning themselves as the essential plumbing behind the entire operation. The numbers behind the buildout Oracle’s data center ambitions break down into some eye-watering line items. The Michigan campus alone has secured a $16.3 billion financing package anchored by PIMCO. Texas and Wisconsin infrastructure funding totals roughly $38 billion. And the New Mexico campus, ominously named Project Jupiter, carries an $18 billion price tag. These aren’t speculative budget projections. Oracle has been deploying hardware at a pace that matches the rhetoric, with more than 300,000 GPUs already operational across its expanding footprint. In a recent quarter, the company added 850 MW of ca...