Overview
- On Thursday, Oracle sent a force majeure notice to the Project Jupiter developer, a unit of Blue Owl, to preserve the company’s rights if the New Mexico site misses its 2028 in‑service date and both firms publicly said they remain committed to the build.
- A 17‑mile natural gas line called the Green Chile Project has slipped from an August 2026 target to February 2027, and without that pipeline Bloom Energy’s fuel cells cannot run and the campus lacks its planned power source.
- The notice prompted immediate market moves, with Oracle and Blue Owl shares falling roughly 4% and Bloom Energy dropping about 6–7% as investors reacted to higher operational and timing risk.
- Project financing is under strain: roughly $18 billion of construction loans arranged across about 20 banks have recently traded below par, signaling lender concern about schedule, permits and payment exposure.
- Force majeure clauses let a tenant pause or delay contractual duties when uncontrollable events block performance, and the next key developments to watch are New Mexico State Land Office permit decisions, the pipeline’s February 2027 timetable, and any lender or legal responses that could reshape the Stargate rollout.