On Tuesday, OpenAI CEO Sam Altman confirmed his company signed a long-term cloud contract with Oracle worth $30 billion annually, as reported by The Wall Street Journal. Altman shared the news on X and in a corporate blog post but declined to confirm the precise figure.

The deal was first disclosed on June 30 in an Oracle SEC filing that omitted the customer’s name. The news drove Oracle shares to record highs, briefly making founder Larry Ellison the second-richest person globally.

OpenAI explained the agreement secures 4.5 gigawatts of capacity for Stargate, a $500 billion global data center program announced in January. SoftBank, a partner in Stargate, is not part of this specific arrangement.

The contract’s size dwarfs OpenAI’s current financials: Altman said annual recurring revenue stands at $10 billion, less than one-third of the Oracle deal’s yearly value.