Oracle has sent a force majeure notice to Blue Owl Capital, the developer of Project Jupiter, the 2.45-gigawatt data centre campus in New Mexico that anchors the Stargate AI build-out with OpenAI and SoftBank, Bloomberg reported on Thursday. If both sides agree that a force majeure event tied to power commitments has occurred, Oracle could win a three-year delay on rent once payments begin, should the campus miss its 2028 target to come online. Oracle’s shares fell about 3 percent, CNBC reported.
The trigger is fuel. The campus is meant to run on Bloom Energy fuel cells fed by an Energy Transfer pipeline due to open this month. After repeated permit denials from the New Mexico State Land Office and a route change in August, the pipeline is now due on 1 February 2027, nearly six months late. An air-quality permit for the fuel cell system is also still pending, with a 23 November deadline.
Both companies played it down. Oracle said such notices are commonplace in developments of this scale, are used to preserve contractual rights and do not by themselves establish a delay, adding that it is not seeking to exit as the campus’s main tenant. Blue Owl said the notice does not change the financial commitments to the project.
A tenant does not usually paper its right to defer rent on a project it is sure will open on time. The numbers that would settle it are not public: how much slack sits between a February gas supply and a 2028 opening, and what November’s air permit decision will require. Until both are known, Stargate’s flagship runs on a schedule its anchor tenant has hedged.
