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Construction debt financing for Oracle’s $18 billion Project Jupiter data center is trading at approximately 84 cents on the dollar. The 2.45 GW campus has faced permitting setbacks, including a six month delay to a key gas pipeline. Oracle has sent a force majeure notice to the developer to seek payment deferrals if the project misses its planned 2028 opening.
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Key sources
- SOURCE@wallstengine“Oracle is not trying to exit the project, but is seeking to delay payments if the site misses its planned 2028 opening.”x.com
- SOURCE@edzitron“The $18bn in debt funding Oracle’s New Mexico data center for OpenAI is firmly in distressed territory, trading at around 84 cents on the dollar.”x.com
- SUPPORT@matthew_sigel“Energy Transfer ($ET) has proposed rerouting the gas pipeline around state land after activist Democratic Land Commissioner Stephanie Garcia Richard twice blocked the original route.”x.com
- SUPPORT@michaeljburry“In 2002, WorldCom went from investment grade to bankrupt overnight. No one then could remember another time that had happened.”x.com
- SUPPORT@junkbondinvest“$ORCL JUST sent a force majeure notice to Stargate campus, trying to defer payments when/if the buildout gets delayed. This is the $18bn construction loan that FT reported is offered at ~89-91.”x.com
- SUPPORT@shanumathew93“Of projects already under construction in June, 28% of 2025-start capacity and 20% of 2026-start capacity now have later estimated opening dates.”x.com
- SUPPORT@hedgiemarkets“Twenty banks lent $18 billion for this project and they can't move the debt. Santander and Jefferies are stuck with more than they planned to hold.”x.com
- SUPPORT@kieranwgoodwin“10 year rates are 100 bps higher and ORCL credit spreads are 100 wider since the issuance of the loan in December '25.”x.com