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Oracle Financial Services Software (OFSS) shares fell more than 5% on Friday, September 25, after its U.S. parent issued a “force majeure” notice for Project Jupiter. Oracle cited possible delays in securing power for the New Mexico data centre, which it plans to use to supply AI computing capacity to OpenAI.
OFSS shares touched Rs. 10,332 on the NSE before recovering to Rs. 10,572, down 3.2% during Friday’s session. The stock was down about 11% for the week, putting it on course for its steepest weekly fall since January 2025, when it declined more than 12%.
The decline follows earlier concern about financing for Jupiter. Last week, banks quoted about $18 billion in loans tied to the campus at 89 to 91 cents on the dollar. Concerns about Oracle’s borrowing and setbacks at the site have made the debt harder to sell to investors.
Blue Owl’s STACK Infrastructure is developing the 1,400-acre Jupiter campus in Doña Ana County. A person familiar with the agreement told Reuters that Oracle issued the notice over possible delays in securing power. Under the contract, Oracle is responsible for arranging power for the site.
Oracle aims to delay certain payments if Jupiter misses its planned 2028 opening, Bloomberg reported. The company is not seeking to leave as the campus’s main tenant. A person familiar with the agreement said Oracle cannot terminate the lease.
Oracle said Jupiter “remains on our planned schedule.” Blue Owl said the notice does not change the companies’ financial commitments. The notice addresses potential delays, while both companies maintain that they remain committed to the project.
Jupiter has faced setbacks involving a planned natural gas pipeline and challenges related to water and air-quality permits. The campus forms part of Stargate, the AI infrastructure initiative involving OpenAI, Oracle, SoftBank and other partners. Securing power remains a key step toward opening the facility.
Blue Owl has about $3 billion of equity in Jupiter, while Oracle is responsible for debt costs, according to a person familiar with the agreement. Blue Owl earns a lower return during construction and expects a higher return after completion. A later opening would push back the start of those higher payments.
Brokerage William Blair expects limited near-term effects on Oracle despite the concerns about power and regulatory delays. It said Jupiter will contribute no revenue in Oracle’s fiscal 2027, leaving that year’s revenue unaffected by the campus’s delivery timetable.
The notice has brought fresh attention to the costs and schedules behind large AI data centres. It does not indicate that OpenAI has reduced its demand for computing capacity. For OFSS, however, the development has added to a week of sharp share losses as investors track Jupiter’s power supply and planned 2028 opening.
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