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A delay at a major data center project being developed by Blue Owl in New Mexico is putting fresh focus on the risks behind the massive financing push for artificial intelligence infrastructure. Oracle issued a force majeure notice linked to the Jupiter campus, which is being built by Blue Owl's STACK Infrastructure for OpenAI. The move prompted lenders and investors to take a closer look at how delays and rising costs are allocated across AI data center deals.
Oracle's notice relates to potential delays in securing power for the Jupiter project, according to a person familiar with the matter cited by Reuters. The project could be pushed back by about a year.
Blue Owl, however, said the notice does not change the financial commitments or the companies' alignment on the multiyear project. The firm has around USD 3 billion of equity invested in Jupiter, according to the source, and its returns are expected to increase once construction is completed and the facility begins operating. A delay would therefore postpone part of those expected returns.
The Jupiter campus is part of Oracle's wider agreement to provide computing capacity for OpenAI. The project has become a closely watched example of the financing structures being used to fund the rapid expansion of AI infrastructure.
The developments around Jupiter are already being discussed in connection with other proposed data center financings. One person familiar with the matter told Reuters that the situation has affected conversations around an SB Energy project in Ohio that is also intended to support OpenAI.
The wider financing environment is becoming more demanding. US interest rates have climbed to levels not seen in roughly two decades, while lenders are assessing whether the enormous cost of building data centers can be supported by future AI-related revenues. Moody's estimates that capital spending by the six largest US technology companies could reach about USD 1 trillion in 2027.
The Jupiter situation is also drawing attention to the contracts behind AI infrastructure projects. Force majeure provisions can protect companies when circumstances beyond their control make it difficult to meet contractual obligations. Lawyers told news agencies that such clauses are becoming more common as developers deal with power, permitting and other delays.
Community opposition is another complication. Data Center Watch said at least 45 projects worth USD 68 billion faced community opposition during the second quarter of 2026, following 75 projects worth about USD 130 billion in the first quarter.
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The issue is not a lack of demand for AI computing. Instead, investors are increasingly examining whether projects can be delivered on schedule and whether the financial risks are clearly shared between developers, technology companies and lenders.
The Oracle-Blue Owl situation is therefore being watched beyond New Mexico. As companies commit increasingly large sums to AI infrastructure, delays at individual projects could influence how future data centers are financed, priced and structured. Oracle shares fell 3.5% on Thursday, September 24, while Blue Owl ended the day 3.6% lower following reports about the notice.
