Oracle issued a force majeure notice on Blue Owl's Jupiter campus, whose reported $18bn of bank loans already trade below 90 cents on the dollar. Lenders who priced Oracle's credit now also have to price who pays when the power arrives late.
Perspective Coverage
12 publishers
- Builder
- Builder 4%
- Operator
- Operator 22%
- Investor
- Investor 74%
Reality
- Evidence60
- Adoption20
- Hype gap+25
- Incentives65
- Confidence55
Oracle sent Project Jupiter's developer a force majeure notice that lets it delay payments if the New Mexico campus misses its 2028 target. The site's gas pipeline and air permit are both still pending, so capacity plans built on that date need a fallback.
Perspective Coverage
6 publishers
- Builder
- Builder 13%
- Operator
- Operator 39%
- Investor
- Investor 48%
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+15
- Incentives68
- Confidence64
Oracle shares fell more than 6% on Thursday after it sent a force majeure notice to Blue Owl over Project Jupiter, its New Mexico AI data center. The notice protects Oracle's cash if the site runs late and makes its 2028 date the one lenders and investors now watch.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 40%
- Investor
- Investor 53%
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+20
- Incentives60
- Confidence60
A loan quoted below par is the only continuously updated figure anyone has on Oracle's quarter-built New Mexico AI campus, and whether it prices the buildings or the tenant's rating decides how much a stall report matters.
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+40
- Incentives55
- Confidence40
buildOne report1 publisher Oracle's force majeure notice puts power on Project Jupiter's critical path
Oracle invoked force majeure on Project Jupiter, a New Mexico AI campus for OpenAI now expected to run about a year late. The delay postpones the higher post-completion return on Blue Owl's roughly $3 billion of equity.
Reality
- Evidence60
- Adoption
- Not scored
- Hype gap+15
- Incentives65
- Confidence55
Oracle asks New Mexico developers for 2GW of whatever comes online soonest
The RFP takes solar, wind or geothermal and scores bids on delivery timing and project maturity. That ranking tells you Project Jupiter needs matched megawatt-hours by a date more than it needs a preferred fuel.
Reality
- Evidence50
- Adoption35
- Hype gap+34
- Incentives74
- Confidence57