Oracle Triggers Force Majeure on $400 Billion Stargate AI Data Center in New Mexico as Gas Pipeline Slips to February 2027 and Debt Trades Below 90 Cents

Oracle sent a force majeure notice to Blue Owl Capital's Stack Infrastructure unit on September 24, 2026, over Project Jupiter, the 2.45-gigawatt AI data center campus in New Mexico that anchors the $400 billion Oracle-OpenAI-SoftBank Stargate initiative announced at the White House in January 2025, according to Bloomberg, TechCrunch, CNBC, and SiliconANGLE. The notice would allow Oracle to defer payments if the facility fails to launch on schedule in 2028, though the company insists it remains fully committed as the campus's main tenant. The trigger is energy supply. A key natural gas pipeline developed by Energy Transfer LP to power the site's Bloom Energy fuel cells has slipped from September 2026 to February 2027 after repeated delays, according to Insurance Journal and Breitbart, with the pipeline permit denied twice by New Mexico regulators. The campus is designed to handle 2.45 gigawatts, enough electricity to power roughly 1.8 million homes at any given moment, and the project is funded by an $18 billion loan from approximately 20 banks. Debt tied to the project was already trading below 90 cents on the dollar, and a gauge of Oracle's credit risk hit a record high on Thursday, according to Breitbart. Oracle's stock fell more than 3 percent during regular trading following the Bloomberg report. This is the flagship site of the five-data-center Stargate build-out that President Trump called a tremendous investment at a scale nobody's really ever seen. The project has since hit serious setbacks including the denial of a permit key to its plans, strong opposition from New Mexico residents drawing support from environmental groups, and has become a major political issue ahead of the midterm elections, according to SiliconANGLE and Insurance Journal. Oracle has launched a major public outreach campaign in New Mexico aimed at winning over critics. Blue Owl Capital disputed any suggestion the notice would alter the project's finances, stating this notice does not