[FLASH] Oracle sends force-majeure notice on the $165B Project Jupiter data-center campus; first visible crack in AI capex financing
Bloomberg reported (Sep 24) that Oracle sent a force-majeure notice to the Blue Owl unit developing Project Jupiter, a 2.45 GW New Mexico campus budgeted at up to $165B, citing a gas pipeline delayed to Feb 2027 after state land-office route rejections and an air-quality permit decision due Nov 23. Oracle is not exiting: the notice preserves rent deferral of up to three years if the 2028 start slips, and Oracle told CNBC the project 'remains on our planned schedule'. The ~20-bank $18B construction loan traded under 90 cents; ORCL fell ~4.4% intraday (YTD -29%), Blue Owl -3.7%, Bloom -3%. Read-through: paired with the 10-year at 5.05%, this is the first public stress in the debt chain funding AI compute. Watch: whether other campus lenders reprice and whether Oracle's 2 GW renewables RFP substitutes for the pipeline.