Larry Ellison overtakes Musk as Oracle rockets ~40% on AI backlog shock

Oracle’s stock exploded higher today, up around 40% intraday after the company unveiled a stunning pipeline of future cloud revenue tied to artificial intelligence workloads.

The surge catapulted founder Larry Ellison to the top of the global wealth rankings, with his fortune now hovering in the high-$390 billions to just above $400 billion, depending on the tracker.

Net-worth leap

Multiple outlets report Ellison has edged past Elon Musk to become the world’s richest person. The Financial Times pegs his stake-driven fortune at “over $397 billion,” the Guardian cites about $393 billion via Bloomberg’s Billionaires Index, and Barron’s places it near $405 billion after a triple-digit billion one-day gain, reflecting today’s extreme move in Oracle shares.

Pre- and early-session reports flagged Oracle shares surging more than 30%, the biggest percentage pop since the early 1990s, before momentum pushed the rally toward ~40% as trading progressed. By mid-afternoon UTC, ORCL traded near $339, up about 40%. This single-day jump also drove Oracle’s market value toward the $1 trillion mark.

What lit the fuse

The spark was Oracle’s blowout “remaining performance obligations” (RPO), effectively a booked-but-not-yet-recognized revenue backlog. This vaulted to $455 billion, up 359% from the prior quarter.

Management also outlined a four-year path to lift Oracle Cloud Infrastructure (OCI) revenue to $144 billion, underscoring demand from top-tier AI customers. Reuters and Barron’s both highlighted the backlog and multibillion-dollar AI contracts behind it.

Analysts rushed to recalibrate models and targets, citing Oracle’s accelerating position in AI infrastructure and multi-cloud partnerships (running OCI within Amazon, Google, and Microsoft clouds). Several shops raised price targets into the mid-$300s to $400, reflecting a sharp reset in growth expectations.

How Ellison vaulted to No. 1

Ellison owns roughly 41% of Oracle. When the stock surges, his net worth moves in lockstep. Today’s spike, one of the largest single-day wealth gains recorded by major trackers, was enough to nudge him ahead of Musk, whose wealth is more tied to Tesla’s softer 2025 performance.

Oracle’s results deliver a loud signal: hyperscale AI demand is shifting from hype to firm, multi-year commitments. An RPO of nearly half a trillion dollars reframes Oracle as a top-tier AI compute landlord, not merely a legacy database giant. That narrative helps explain why investors looked past mixed line items to focus on OCI’s growth runway.

Headlines differ on the exact size of Ellison’s fortune and Oracle’s percentage gain, reflecting real-time price swings and methodology differences across wealth trackers. But the direction is unambiguous: a record-setting stock move, a record-setting one-day wealth jump, and a decisive reshuffling at the top of the rich list.

The takeaway

Oracle’s AI backlog, and the visibility it implies, just reset how investors value the business. If management executes on data-center expansion and multi-cloud deployments, the company’s earnings mix will tilt harder toward infrastructure, keeping Ellison’s new perch secure—so long as the AI build-out keeps translating into capacity, uptime, and margins.