# Sourceability Mini-Matrix: ORCL, MSFT, DLR Scope: toy 3-company sourceability matrix for a future quarter-by-quarter “data-center forecast vs actual” dataset. Date prepared: 2026-06-07 ## Summary Recommendation Best MVP ordering: 1. **DLR** - highest sourceability for physical data-center capacity and lease conversion because quarterly supplements expose development pipeline, pre-leasing, backlog, lease commencements, and expected yields. 2. **ORCL** - strong sourceability for AI/cloud commitments, RPO, capex, and data-center lease commitments, but weaker for physical live capacity by MW/site. 3. **MSFT** - strong sourceability for capex, finance leases, RPO, cloud revenue, and management commentary on AI capacity constraints, but weak for explicit delivered MW/live capacity. ## Mini-Matrix | Company | Likely Primary Source Types | Exact Source Locations | Extractable Metrics | Cadence | Extraction Difficulty | Caveats | |---|---|---|---|---|---|---| | ORCL | SEC 10-Q/10-K; earnings press releases; IR financial result tables; earnings call transcript | Oracle FY26 Q2 earnings release: https://investor.oracle.com/investor-news/news-details/2025/Oracle-Announces-Fiscal-Year-2026-Second-Quarter-Financial-Results/default.aspx; Oracle FY26 Q3 earnings release: https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Fiscal-Year-2026-Third-Quarter-Financial-Results/default.aspx; Oracle FY26 Q3 10-Q: https://www.sec.gov/Archives/edgar/data/1341439/000119312526101045/orcl-20260228.htm; Oracle FY26 Q2 10-Q: https://www.sec.gov/Archives/edgar/data/1341439/000119312525315925/orcl-20251130.htm | RPO; RPO growth; cloud/OCI revenue; capex actuals; lease commitments related to data centers/cloud capacity; expected commencement window for additional lease commitments; occasional management commentary on secured power, capacity additions, and data-center buildout | Quarterly earnings and 10-Q; annual 10-K | Medium | Oracle fiscal quarters end Feb/May/Aug/Nov, so align carefully to calendar quarters. RPO is not purely AI/data-center capacity and can include broader cloud/application obligations. Lease commitments are commitments, not delivered capacity. Physical live capacity and MW added are usually not systematically disclosed in SEC filings; may require call transcripts or secondary discovery when management gives exact MW/power comments. | | MSFT | SEC 10-Q/10-K; Microsoft IR earnings release pages; metrics page; earnings call transcript and outlook slides | Microsoft FY26 Q2 press release/webcast: https://www.microsoft.com/en-us/Investor/earnings/FY-2026-Q2/press-release-webcast; Microsoft FY26 Q2 metrics page: https://www.microsoft.com/en-us/Investor/earnings/FY-2026-Q2/metrics; Microsoft FY26 Q2 earnings call transcript: https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q2; Microsoft FY26 Q1 10-Q: https://www.sec.gov/Archives/edgar/data/789019/000119312525256321/msft-20250930.htm | Capex actuals via additions to property and equipment; finance lease commentary; commercial RPO; Microsoft Cloud revenue; Azure and other cloud services growth; cloud gross margin impact from AI infrastructure; management commentary on demand vs available capacity; sequential capex guidance/outlook; OpenAI-related RPO/bookings caveats | Quarterly earnings, 10-Q, call transcript, and metrics package; annual 10-K | Medium-high | Microsoft reports “capital expenditures” in different ways: cash paid for PP&E vs total capex including assets acquired under finance leases. Dataset must normalize definitions. Microsoft rarely discloses live data-center MW, capacity added, secured power, or specific project-level commencement windows. RPO is commercial-wide and not directly equal to AI capacity backlog. AI/data-center lease commitments may be disclosed in footnotes but not always cleanly separated. | | DLR | Quarterly earnings supplements; earnings press releases; SEC 10-Q/10-K; investor presentations; earnings call transcripts | DLR quarterly results landing page with press releases, presentations, and supplements: https://investor.digitalrealty.com/financials/quarterly-results; DLR Q2 2025 earnings press release: https://investor.digitalrealty.com/news-releases/news-release-details/digital-realty-reports-second-quarter-2025-results; DLR Q2 2025 earnings supplemental PDF: https://s29.q4cdn.com/106493612/files/doc_financials/2025/q2/Digital-Realty-2Q25-Earnings-Supplemental-07-24-2025.pdf; DLR 2025 10-K: https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm | Live portfolio count and occupancy; development pipeline; capacity under construction; future development capacity; MW under development; pre-leased percentage; new leases signed; signed-but-not-commenced backlog; annualized GAAP base rent; expected commencement lag/window; commencements; capex/development spend; stabilized yield; region/product mix | Quarterly supplements and press releases; annual 10-K | Low-medium | Best of the three for physical data-center capacity, but DLR reports some values at 100% share and others at DLR share, so ownership normalization is required. Development capacity can be stated in MW, square feet, dollars, or cost-to-complete depending on table. JV/private-capital structures can move assets out of consolidated figures. Signed-but-not-commenced rent is revenue visibility, not capacity delivered. Delivery schedules may shift based on customer commencement dates and power availability. | ## Company Notes ### ORCL Primary sourceability is strongest for financial and contractual signals rather than physical capacity. Useful recurring fields: - **RPO / backlog:** Oracle’s earnings releases disclose total RPO and growth. FY26 Q2 release reported RPO of $523 billion. - **Cloud revenue / OCI revenue:** earnings releases and supplemental tables split cloud revenue categories. - **Capex actuals:** cash-flow statements in press releases and 10-Qs disclose capital expenditures. - **Lease commitments:** 10-Q footnotes disclose additional lease commitments substantially related to data centers and cloud capacity arrangements. - **Commencement window:** Oracle’s FY26 Q2 10-Q disclosed additional lease commitments expected to commence between fiscal Q3 2026 and fiscal 2028. FY26 Q3 10-Q disclosed $261 billion of additional lease commitments substantially related to data-center arrangements, generally expected to commence between fiscal Q4 2026 and fiscal 2028, with terms of fifteen to nineteen years. - **Potential secured power/capacity additions:** likely available only in earnings-call language or occasional management statements, not a stable SEC table. Recommended extraction approach: - Pull structured values from SEC HTML/XBRL for capex, RPO, lease commitments, and cash-flow data. - Pull earnings-release tables for cloud revenue and RPO growth. - Use transcripts for forecast language such as “capacity,” “power,” “datacenters,” “GPU,” “commence,” and “buildout.” Difficulty: **Medium**. The financial fields are extractable; physical capacity delivered is not consistently disclosed. ### MSFT Primary sourceability is strongest for capex, finance leases, cloud demand, RPO, and qualitative capacity constraints. Useful recurring fields: - **Capex actuals:** cash-flow statement line “additions to property and equipment”; call commentary often bridges cash PP&E to total capex including finance leases. - **Commercial RPO:** Microsoft’s IR metrics page defines and reports commercial remaining performance obligation. - **Cloud revenue and Azure growth:** Microsoft’s metrics page reports Microsoft Cloud revenue and Azure and other cloud services growth. - **AI infrastructure margin impact:** earnings pages and call commentary repeatedly describe gross margin pressure from AI infrastructure investment. - **Capex guidance:** earnings call/outlook commentary includes sequential capex expectations and mix of short-lived vs long-lived assets. - **Demand vs capacity:** earnings calls often state whether Azure/AI demand exceeds available capacity. Recommended extraction approach: - Use Microsoft IR earnings pages as the canonical quarterly package because they group press release, metrics, transcript, outlook, and 10-Q. - Normalize capex definitions: - cash additions to PP&E from cash-flow statements; - total capex including assets acquired under finance leases when management provides it. - Use transcript extraction for forecast language and supply/demand constraints. Difficulty: **Medium-high**. Financial fields are clean; actual delivered AI/data-center capacity is mostly implicit. ### DLR Primary sourceability is strongest for a physical-capacity dataset. Useful recurring fields: - **Live portfolio / operating base:** data-center buildings, operating portfolio, occupancy, and regional mix in supplements/10-K. - **Capacity under construction:** development pipeline tables in quarterly supplements and 10-Qs. - **Future capacity / pipeline:** land bank and future development capacity, often in MW. - **Pre-leased percentage:** development pipeline tables include % leased/pre-leased for projects. - **Lease commitments / backlog:** signed-but-not-commenced leases and annualized GAAP base rent. - **Revenue conversion:** lease commencements and backlog roll-forward can be used to connect signed leases to revenue start. - **Expected commencement window:** press releases disclose weighted-average lag between lease signing and contractual commencement; supplements show backlog by estimated commencement period. - **Capacity added this quarter:** project deliveries and commencements are usually available in supplement/presentation/call materials. Recommended extraction approach: - Treat quarterly earnings supplemental PDFs as the primary structured source. - Use earnings press releases for top-line quarterly metrics and backlog/commencement summaries. - Use SEC filings for reconciliation and risk/caveat language. - Normalize all figures to either “100% share” or “DLR share” before comparing across quarters. Difficulty: **Low-medium**. DLR is the best MVP company among the three for forecast-vs-actual physical capacity tracking.