Workin' The Lats: Oracle's RPO and Ramp Support Positive BE Power Readthrough

研报英文原文证据摘录

Workin' The Lats: Oracle's RPO and Ramp Support Positive BE Power Readthrough

Energy | Power & Utilities

June 11, 2026

Nicholas Amicucci, CFA Workin' The Lats: Oracle's RPO and Ramp

212-812-2931

nicholas.amicucci@evercoreisi.com Support Positive BE Power Readthrough

Sharon Wang Yesterday post-close Oracle (covered by Kirk Materne) reported record

212-653-8999 4Q/FY26 results. Per Oracle's 4Q/FY26 earnings release, remaining

Sharon.Wang@evercoreisi.com performance obligations (RPO) reached $638B, up 363% y/y and

+$85B sequentially, and cloud infrastructure (IaaS) revenue rose 93%

to $5.8B. We view the print as a positive readthrough for Bloom

Energy (BE, Outperform, $295 PT), as we believe it supports the

scale, duration, and pace of the AI power demand underlying our

thesis. The most direct readthrough came during the call as ORCL

management outlined its five largest sites including its Doña Ana

County, New Mexico campus (Project Jupiter) that management

described as having a "power design based on gigawatts of clean,

energy-efficient Bloom fuel cells." We view the pace of ORCL’s

build-out as the most meaningful readthrough for Bloom’s orderbook

and near-term performance. During FY26 ORCL reported delivering

>1.2GW to customers and management guided F1Q27 deliveries to

approach 1GW. Management indicated the delivery ramp is backed by

$67B of AI infrastructure contracts signed in the quarter and a planned

FY27 net cash CapEx outlay of roughly $70B (before $20-25B of

customer prepayments). Against this backdrop, we would note that

under the expanded master services agreement disclosed in Bloom

Energy's April 13, 2026 press release, Oracle intends to procure up to

2.8 GW of Bloom fuel cell capacity, with an initial 1.2 GW contracted

and deploying into next year.