Lenders are offloading debt tied to a New Mexico data center venture after construction stalled on the site's power and transport systems. Roughly $18 billion in loans for Oracle's Project Jupiter are trading at 89 to 91 cents on the dollar, and the project is at least seven months behind schedule. A proposed 2.2GW gas-power plan for the facility also faces regulatory hurdles.

The New Mexico State Land Office rejected the right-of-way for the pipeline feeding the site twice, forcing a re-routing of the project's infrastructure. Banks are retaining more exposure to the venture than originally planned as the financing for the OpenAI-partnered build slid into stressed territory.