Larry Ellison has become the world’s richest person, overtaking Tesla chief Elon Musk after an unprecedented rally in Oracle’s stock added more than $100 billion to his fortune in a single day.
The 81-year-old Oracle co-founder and chief technology officer saw his net worth climb to around $393 billion, according to the Bloomberg Billionaires Index. The leap dethroned Musk, whose wealth has been under pressure amid a slide in Tesla shares and the volatile performance of his other ventures.
The trigger came from Oracle’s fiscal first-quarter results which revealed explosive growth in the company’s artificial intelligence-driven cloud business.
Investor enthusiasm sent Oracle’s stock soaring more than 40 percent, pushing the software giant’s market value up by nearly $200 billion in a single session.
Analysts described the rally as one of the most dramatic in the company’s history, fueled by a swelling order book for AI cloud services that is now approaching half a trillion dollars
Oracle Corporation reported fiscal first-quarter 2026 revenue of $14.9 billion on Tuesday, up 12% year-over-year in US dollars and 11% in constant currency.
Cloud revenue, including infrastructure and applications, rose 28% to $7.2 billion. Infrastructure-as-a-Service (IaaS) revenue grew 55% to $3.3 billion, while Software-as-a-Service (SaaS) applications revenue increased 11% to $3.8 billion. Within SaaS, Fusion Cloud ERP revenue was $1 billion, up 17%, and NetSuite Cloud ERP revenue also reached $1 billion, up 16%.
Oracle CEO Safra Catz said the company has signed major cloud contracts with top AI players such as OpenAI, xAI, Meta, NVIDIA, and AMD. “At the end of Q1, remaining performance obligations, or RPO, now to $455 billion. This is up 359% from last year and up $317 billion from the end of Q4. Our cloud RPO grew nearly 500% on top of 83% growth last year,” she said.
“MultiCloud database revenue from Amazon, Google and Microsoft grew at the incredible rate of 1,529% in Q1,” said Ellison. “We expect MultiCloud revenue to grow substantially every quarter for several years as we deliver another 37 datacenters to our three Hyperscaler partners, for a total of 71.”
Eliision added that next month at Oracle AI World, the company will introduce a new Cloud Infrastructure service called the ‘Oracle AI Database’ that enables customers to use LLMs of their choice, including Google’s Gemini, OpenAI’s ChatGPT, xAI’s Grok, etc., directly on top of the Oracle Database to easily access and analyse all their existing database data.
Oracle also raised its forecast for Oracle Cloud Infrastructure, projecting 77% growth this fiscal year to $18 billion, up from an earlier estimate of 70%.
Over the longer term, the company expects cloud infrastructure revenues to accelerate dramatically, targeting $32 billion next year and as much as $144 billion within five years.“We now expect Oracle Cloud Infrastructure will grow 77% to $18 billion this fiscal year and then increase to $32 billion, $73 billion, $114 billion and $144 billion over the following 4 years,” said Catz.
