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.

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