Oracle Sends Force Majeure Notice on Blue Owl's Project Jupiter

Oracle has sent a force majeure notice to Blue Owl Capital's Stack Infrastructure, the developer of its planned Project Jupiter data center in southern New Mexico, seeking the right to defer payments should the 2.45-gigawatt campus miss its 2028 opening date. Bloomberg reported the move; the site is one of five in the roughly $400 billion Stargate deal Oracle signed with OpenAI and SoftBank.

Oracle called the notice a precautionary step. "Project Jupiter remains on our planned schedule. We are fully committed to New Mexico," the company said. Blue Owl declined to comment.

The pressure point is gas. The campus is designed around Bloom Energy solid oxide fuel cells that run on natural gas, fed by an Energy Transfer pipeline that New Mexico's State Land Office has now denied twice, in March and again in July, when Land Commissioner Stephanie Garcia Richard cited emissions and the strain on water and other local resources. The pipeline's in-service date has slipped by nearly six months to Feb. 1, 2027.

The financing is where the notice bites. Roughly 20 banks provided an $18 billion loan to build the campus, and the debt is now trading below 90 cents on the dollar, a level we tracked last week as loan-market anxiety about the project mounted. Shares of Oracle and Blue Owl each fell about 4% on the news; Bloom Energy dropped 6%.