Oracle Invokes Force Majeure on $165B Stargate Campus as Delays Mount
ivan_bezdomny · x · 2026-09-25
Per the Financial Times, Oracle sent Blue Owl a force majeure notice seeking the right to defer spending if the 1,400-acre New Mexico campus (Project Jupiter, part of the Stargate buildout with OpenAI) fails to open in 2028. Key facts:
- $165B total project size, $18B in bank loans, 2.45 GW capacity
- Triggered by permitting setbacks involving a key gas pipeline
- Oracle shares fell as much as 5.7%; Bloom Energy also declined though it says the project stays on schedule
- Construction debt recently traded below 90 cents on the dollar; Oracle remains obligated to pay investors even if the site isn't electrified by launch
Oracle says such notices are common at this scale and it remains committed as tenant.
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