KryptonResearch14
Sep 25, 2:54 AM
$ORCL
Oracle invoked force majeure on Project Jupiter, its 2.45 GW Stargate campus in New Mexico, per Bloomberg. The notice lets Oracle defer payments if the site misses its 2028 target.
The notice isn't really about the data center. It's about the pipeline.
Jupiter runs on Bloom Energy fuel cells fed by natural gas. The 17-mile line meant to deliver it has been denied twice by New Mexico's land office, and its in-service date slipped from August 2026 to February 2027.
Both sides say nothing changes. Oracle calls it precautionary; Blue Owl says the financial commitments stand.
The number I'm watching is the debt: ~
$18B of construction loans from ~20 banks is reportedly trading below 90 cents. The lenders are pricing delay risk before the tenant is.
$ORCL fell to its lowest since early August.
$BE fell ~6%.
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