Oracle이 데이터센터 납기 계약의 불가항력 조항을 발동하면서 AI 인프라 프로젝트의 자금 조달 심리에 불확실성을 초래했다.

Oracle's issuance of a force majeure notice for Project Jupiter, a massive data center campus being developed by Blue Owl's STACK Infrastructure unit in New Mexico to support OpenAI, has sent a chill through the trillion-dollar market for AI infrastructure financing. The move underscores growing scrutiny on project risks, delays and financing structures amid a trillion-dollar AI capital expenditure boom.

Blue Owl stated that the notice does not alter the parties' commitment to the project. Nevertheless, the development is reverberating through discussions of other proposed data center financings, including SB Energy's campus in Ohio, also intended to serve OpenAI. SB Energy announced this week that it would delay its planned IPO.

Companies invoke force majeure provisions when events beyond their control make it difficult to meet contractual obligations. Legal experts note that such provisions are becoming more common in data center development agreements, raising concerns among lenders and investors about how risks are allocated when these clauses are invoked.

"The financing side of the AI buildout is starting to ask much harder questions than the demand side," said Sean McDevitt, a partner at Arthur D. Little. "The underlying demand still appears very strong, but investors and lenders are increasingly focused on how risk is allocated."

The pullback reflects rising US interest rates at levels last seen two decades ago, intensifying Wall Street's scrutiny of deal economics and politics that appeared settled just months ago. Highly rated firms such as Oracle no longer provide sufficient reassurance to anxious investors.

The shift in sentiment comes as the six largest US technology companies are projected to reach approximately $1 trillion in AI-related capital spending in 2027, according to Moody's—raising concerns among lenders about whether markets can absorb the volume of issuance without wider pricing pressure or tighter terms.

Oracle invoked force majeure due to delays in securing power to the site. The program is being delayed by a year, with the delay pushing back the start of higher returns for Blue Owl, which has approximately $3 billion in equity invested in the project and earns lower returns during construction.

As developers race to build AI infrastructure at unprecedented scale, the contracts underpinning these projects are evolving rapidly. "These contracts are so rapidly evolving. If you look at a data center contract from January this year and a contract today, it's massively different," said Rajat Rana, a New York-based partner at Quinn Emanuel.

At least 45 projects worth $68 billion faced opposition from community groups in the second quarter of 2026, according to Data Center Watch, following 75 projects worth approximately $130 billion disrupted in the first quarter. Earlier this year, Blue Owl struggled to syndicate financing for a $4 billion data center project in Lancaster, Pennsylvania, anchored by CoreWeave.

Oracle stock fell 3.5 percent following media reports of the notice, while Blue Owl closed 3.6 percent lower. Other data center developments have also encountered significant opposition: Meta's project in El Paso, Texas, Related Digital's planned $16 billion Oracle-focused campus in Saline Township, Michigan, and Blackstone's QTS Digital Gateway project in Virginia, which was terminated in July after years of planning and regulatory review.