Oracle’s Project Jupiter was unveiled as a flagship of Stargate, the AI infrastructure push backed by Oracle, OpenAI and SoftBank. The New Mexico campus is designed for 2.45 gigawatts of capacity and is expected to rely on gas-powered fuel cells — making a dependable fuel supply central to whether it can meet its planned 2028 opening.¹

That timetable has already been tested. The Energy Transfer pipeline meant to supply the site was pushed back nearly six months, to Feb. 1, 2027, after repeated permit denials forced a route change. A separate air-quality permit for the fuel-cell system remains pending, with New Mexico regulators facing a Nov. 23 decision. The delays have sharpened opposition from local residents and environmental groups, turning the project into a political flashpoint ahead of the midterms.¹

Against that backdrop, Oracle sent a force majeure notice to the Blue Owl Capital unit developing the campus. The move does not mean Oracle is walking away: it would instead allow the company to delay payments if Project Jupiter misses its 2028 target. Oracle says, “Project Jupiter remains on our planned schedule,” and insists it is “fully committed to New Mexico.”¹

Blue Owl has offered a similarly firm public line, saying the notice “does not change the financial commitments to this multi-year project.” But the contractual hedge landed badly with investors: Oracle shares fell 5% on Thursday, while Blue Owl also declined. The project has faced regulatory setbacks and rising scrutiny, alongside concerns over the $18 billion of Oracle debt tied to the data center, which has traded at stressed levels.²

The divide is now clear. Oracle and Blue Owl portray the notice as prudent protection around a still-viable build; critics see it as another warning that the enormous AI campus remains hostage to permits, fuel and financing.