ORCL: Oracle Stock Rockets 30% Despite Earnings Miss. It’s the $455 Billion Backlog of Work

Larry Ellison just got $70 billion richer overnight, drawing closer to Elon Musk’s fortunes.

🚀 Oracle Stock Soars on Backlog Boom

• Oracle stock ORCL exploded 30% in after-hours trading Tuesday, hitting levels unseen in its history, after the company revealed an eye-popping $455 billion backlog of contracted work.
• That’s up from just $138 billion last quarter – a 359% surge driven by surging demand for AI-powered cloud infrastructure.
• For context, Oracle’s market cap sits at $678 billion, meaning the backlog alone now equates to two-thirds of the company’s entire valuation — an insane figure even by Big Tech standards. With the pop factored in, Oracle is looking to open for Wednesday trading at more than $900 billion in valuation.

🤷‍♂️ Earnings Miss? Who Cares

• Oracle’s fiscal first-quarter earnings were a mixed bag. Adjusted EPS landed at $1.47 vs. $1.48 expected (up from last year’s $1.39). Revenue arrived at $14.9 billion vs. $15.0 billion expected (a 12% pop from last year). Cloud services revenue came in softer than expected, and second-quarter guidance was thin.
• Normally, this would spook traders, but the RPO backlog (Remaining Performance Obligations) completely flipped the narrative.
• CEO Safra Catz summed it up: “We signed four multi-billion-dollar contracts in Q1… RPO backlog jumped 359% to $455 billion. Demand for Oracle Cloud Infrastructure continues to build and we expect RPO to exceed half-a-trillion dollars soon.”

💡 Why the Backlog Matters

• Oracle has spent decades dominating the database market but has only recently gone all-in on cloud AI infrastructure – and it’s paying off fast.
• The $455 billion backlog signals long-term, locked-in revenue, making Oracle an increasingly serious player in AI server leasing – a field currently dominated by AWS, Microsoft Azure, and Google Cloud.
• Companies are rushing to secure compute capacity for training and deploying large AI models, and Oracle is riding that GPU demand wave hard.

💸 Ellison vs. Musk: A Billionaire Showdown

• Oracle’s stock surge added a staggering $70 billion to Larry Ellison’s net worth overnight, bringing him to $365 billion.
• That puts him within striking distance of Elon Musk’s $384 billion fortune, setting up a new rivalry atop the billionaire leaderboard.
• For context, Ellison’s overnight wealth gain is larger than the entire Williams Companies, the world’s 314th company by market cap.