Larry Ellison, co-founder of one of the leading software development companies, Oracle, recently surpassed Elon Musk in the ranking of the world’s richest people thanks to a sharp rise in the company’s stock.
This is reported by Finway
Explosive Growth of Oracle: Financial Results and Record Deals
Oracle’s financial report for the first quarter of the 2026 fiscal year demonstrated a significant strengthening of the company’s position. Revenue reached $14.9 billion, and earnings per share, excluding GAAP, increased by 6% to $1.47. Particularly impressive is the RPO (remaining performance obligations) figure, which grew by 359% to $455 billion. This was made possible, in part, by signing a five-year $300 billion deal with OpenAI, under which Oracle provides computing power for the data centers of the ChatGPT developer. This deal has already been dubbed the largest in history within the industry.
“It was an astonishing quarter, and demand for Oracle Cloud Infrastructure continues to grow. Over the next few months, we expect to attract several new clients with multi-billion dollar revenues, and RPO is likely to exceed $500 billion,” said Oracle CEO Safra Catz.
Following the release of the financial report, Oracle experienced its largest single-day stock increase in over 30 years, with shares rising more than 36% in one day.
Ellison’s Wealth and Rivalry with Musk
Larry Ellison’s stake in Oracle is estimated at over 40% of the company’s shares, amounting to about 1.15 billion shares out of a total of 2.81 billion. Ellison’s net worth increased by $89 billion due to the stock price rise from $241.5 to $338.5 per share, reaching $383.2 billion. This allowed him to temporarily surpass Elon Musk in the Bloomberg ranking; however, by the end of the day, Musk reclaimed the lead with a net worth of $384.2 billion. According to Forbes, the gap between them is even larger.
In his statement, Ellison emphasized the revolutionary changes in the field of artificial intelligence and the substantial growth in revenue from Oracle Cloud Infrastructure (OCI), which increased by 1529%. Major clients such as Amazon, Google, and Microsoft played a significant role in this.
“AI is changing everything,” Ellison stated in his remarks.
Oracle is also actively involved in the Stargate project—a large-scale initiative by OpenAI, Softbank, and Oracle to develop artificial intelligence infrastructure in the United States. Investments in this project amount to $500 billion.