Oracle Sends Force Majeure Notice on $165B Project Jupiter Data Center; Shares Fall, Bloom Energy and Blue Owl Slide

Oracle (ORCL) has sent a force majeure notice tied to Project Jupiter, its $165 billion AI data center campus in New Mexico, according to a Bloomberg report confirmed by CNBC . The notice went to the project's developer, a unit of Blue Owl Capital (OWL), and would let Oracle delay payment on the campus if it fails to come online as expected in 2028 . Oracle shares fell about 4% to 5% on Thursday as the news spread , and SentiSense data showed the stock at $138.43, down 4.2%, in afternoon trading.

Both companies pushed back on the idea that the project is in trouble. "Project Jupiter remains on our planned schedule," Oracle said, adding that it is "fully committed to New Mexico." Blue Owl said the notice "does not change the financial commitments to this multi-year project" . Co-CEO Clay Magouyrk told analysts on the Sept. 10 earnings call that Project Jupiter would not affect fiscal 2027 revenue or earnings guidance . Still, the campus, designed for 2.45 gigawatts of power and part of the broader Stargate buildout, has faced local opposition and permitting setbacks, including a 17-mile natural gas pipeline now delayed from August 2026 to February 2027.

The notice rippled into suppliers and financiers. Bloom Energy (BE), whose fuel cells are slated to power the site, fell roughly 6%; one tally had it down 5.91% to $258.94 from a $275.19 prior close . Not every outlet tied the move to Oracle: one report framed it as profit-taking after a 190% year-to-date run. Blue Owl shares dropped about 4%. Credit markets were already uneasy: the roughly $18 billion of debt tied to the data center is trading at stressed levels, below 90 cents on the dollar .

What to watch: whether Oracle and the Blue Owl developer renegotiate payment terms, any update on the pipeline permits that feed the 2028 timeline, and how the $18 billion project debt trades from here. A force majeure notice is a contractual protection rather than a cancellation, but it signals that the cost and schedule risks in large AI campuses are now being priced into both equity and credit.