오라클, 전력 지연으로 인해 뉴멕시코 스타게이트 데이터센터에 불가항력 발동

Oracle은 가스 파이프라인 및 지연 허용 이후 뉴멕시코에 있는 2.45기가와트 규모의 Project Jupiter Stargate 캠퍼스에 불가항력 통지를 제출했다고 보도했습니다.

Oracle has triggered a force majeure clause on Project Jupiter, its flagship Stargate data center campus in New Mexico, after repeated delays to the gas pipeline and permits the 2.45-gigawatt facility depends on, according to reports from Bloomberg, Reuters and TechCrunch.

Bloomberg first reported the notice Thursday. Force majeure clauses, common in energy and commodities contracts, excuse a party from its contractual obligations when events outside its control get in the way. Oracle is not seeking to exit the project as the campus's main tenant, Bloomberg's sources said. Instead, the notice would allow the company to delay payments should the facility miss its target to come online in 2028. Track the latest AI developments in the data center build-out on AI Buzz Wire as the power crunch reshapes the industry.

A Pipeline Six Months Late

The trouble at Project Jupiter is fundamentally about energy. The campus is designed to handle 2.45 gigawatts and is meant to run on gas-powered fuel cells from Bloom Energy, which makes a reliable gas supply central to its timeline.

That supply is now in doubt:

An Energy Transfer pipeline intended to deliver gas to the site has been delayed nearly six months, to February 1, 2027, after New Mexico regulators repeatedly denied permits for the line, TechCrunch reported.

In August, Bloomberg reported the pipeline's route had been changed following those rejections.

A separate air-quality permit for the fuel cell system that would power the campus is still pending, with the state's environment department facing a November 23 deadline to decide.

Both Companies Say the Project Stays on Track

Oracle publicly projects confidence despite the legal maneuver. "Project Jupiter remains on our planned schedule," the company said in a statement to CNBC. "We are fully committed to New Mexico and confident in our path forward."

Blue Owl Capital, whose unit received the notice as the project's developer, struck a similar tone: "this notice does not change the financial commitments to this multi-year project."

Investors were less sanguine. Oracle stock dropped about 3% on the news, according to CNBC, a modest move that nonetheless signals how sensitive markets have become to cracks in the AI data center build-out.

A Political Flashpoint in New Mexico

Project Jupiter is one of the flagship sites of Stargate, the AI infrastructure initiative Oracle, OpenAI and SoftBank announced with President Donald Trump early in his second term. The campus has drawn sustained opposition from residents and environmental groups concerned about its gas consumption and water use, and it has become a political flashpoint in the state ahead of the midterm elections.

Oracle has responded with a public outreach campaign in New Mexico aimed at winning over the project's critics, according to Bloomberg — an unusually political posture for an infrastructure tenant, and a sign of how contested large-scale AI construction has become.

What Force Majeure Actually Protects

The legal move buys Oracle optionality, not an exit. If the site misses its 2028 online target because of the pipeline delays and permit limbo — events Oracle can argue are outside its control — the company can defer payments tied to the project rather than breach its lease outright. It is a hedge against the single biggest risk in AI infrastructure today: not demand, but power.

Power Is the New Bottleneck

The Oracle notice lands amid growing national scrutiny of AI data center construction. Utilities and grid operators across the country are straining to serve gigawatt-scale campuses, regulators are increasingly reluctant to fast-track gas infrastructure, and local opposition is hardening. The Wall Street Journal described the New Mexico troubles as the first visible "cracks" in Oracle's Stargate build-out.

For an industry that has spent two years announcing trillion-dollar ambitions, Project Jupiter offers a concrete lesson: you cannot schedule a gas pipeline the way you schedule a product launch. The AI race may be won in gigawatts, and gigawatts, increasingly, are the hard part.

What happens next

이제 Project Jupiter에는 세 가지 날짜가 중요합니다. 첫 번째는 뉴멕시코주 환경부가 캠퍼스에 전력을 공급할 Bloom Energy 연료전지에 대한 대기질 허가를 결정해야 하는 11월 23일입니다. 두 번째는 에너지 전송 파이프라인의 개정된 서비스 개시일인 2027년 2월 1일입니다. 세 번째는 계약상 캠퍼스가 온라인 상태가 될 것으로 예상되는 해인 2028년입니다. 이 기한은 오라클의 불가항력 통지가 누락으로부터 보호하기 위해 명시적으로 고안된 것입니다.

다른 Stargate 사이트도 이를 따르고 있는지 살펴보세요. 플레이북이 뉴멕시코에서 작동한다면 전력 지연에 직면한 다른 임차인도 동일한 조항에 도달할 것으로 예상하고, 불가항력 청구로 인해 일정 위험이 대차대조표에 그대로 반영되기 때문에 해당 캠퍼스에 자금을 조달하는 개발자가 뒤로 물러날 것으로 예상합니다.

스테이크는 과장하기 어렵습니다. Stargate의 경제학에서는 사이트가 대륙 규모로 일정에 따라 온라인 상태가 된다고 가정합니다. 매달 뉴멕시코의 파이프라인 지연은 이러한 가정을 테스트하고 다음 2.45기가와트가 어디에 도달할지 결정하는 모든 주, 규제 기관 및 지역 사회에 신호를 보냅니다.