Oracle is not leaving its New Mexico campus. It is shielding itself from paying rent on an empty shell because the electricity may not arrive on time.
- The notice covers Project Jupiter, a 2.45 GW campus in southern New Mexico being built to serve OpenAI, with up to $165 billion of announced investment.
- A natural gas pipeline extension from Energy Transfer lost its route permits, and service slipped roughly six months to February 2027.
- If both sides agree a power related force majeure event occurred, Oracle could defer rent by up to three years once payments begin.
- Lenders noticed. Project debt trades below 90 cents on the dollar, and a second OpenAI campus financing delayed its listing this week.
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