Regulatory hurdles and power permitting setbacks in New Mexico have prompted the tech giant to revise the financial terms of its newest data center project. Oracle sent a notice of force majeure to developer Blue Owl, seeking the right to delay expenditures if the 1,400 acre campus fails to open in 2028. The site, known as Project Jupiter, is part of the Stargate buildout with OpenAI and has an estimated total project size of $165B and $18B in bank loans. Shares fell as much as 5.7% as the company attempts to limit exposure to rising expenses and permitting delays involving a key gas pipeline.

Oracle remains committed as the tenant for the 2.45 GW facility and states that such notices are common for developments of this scale to preserve contractual rights. Bloom Energy, which is contracted to provide fuel cell capacity, also saw its stock decline, though it maintains the project remains on schedule. While construction debt has recently traded below 90 cents on the dollar, the Financial Times reports that Oracle is still obligated to pay investors even if the site is not electrified by its launch date.