Oracle has issued a force majeure notice to the developer of its New Mexico data center campus, known as Project Jupiter, effectively reserving the right to delay payments if the facility does not come online in 2028. The notice, sent to a unit of Blue Owl Capital, is framed as protection against escalating costs; Oracle says the project remains on its planned schedule and that the company is committed to New Mexico. Shares of Oracle fell about 5% on the news and Blue Owl’s stock also slipped. Blue Owl responded that the notice does not change its financial commitments to the multi-year build.
Project Jupiter is part of a broader Stargate artificial intelligence infrastructure buildout tied to the Trump administration and has repeatedly encountered regulatory hurdles, local opposition ahead of midterm elections and environmental pushback. Executives have maintained that the project will not alter Oracle’s previously stated fiscal 2027 revenue or earnings guidance, but analysts and markets are watchful: roughly $18 billion of debt linked to the datacenter is trading at stressed levels, raising concern about the financial strain of completing the campus amid continued delays and political and permitting challenges.
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