Oracle says Project Jupiter is on schedule. Its gas line still awaits FERC approval.
Oracle sent a force majeure notice over Project Jupiter, a New Mexico AI campus, citing potential delays in securing power, a source told Reuters. The campus is due to come online in 2028; its gas line now targets February 2027.
KeyVex News··6 min readFact-checked against 18 public recordsCorrection : An earlier version of this story said its chart could show every KeyVex filing for Oracle. The chart's Filings switch shows a selection of them.
Correction : An earlier version of this story said Oracle could push back rent by three years once payments begin. One of the people Bloomberg cited said Oracle could get a three-year delay on rent when payments are due to start, and would still owe rent for the full lease term once payments begin.
Correction : An earlier version of this story's headline and card said the gas line lacked federal approval. In May, the Interior Department authorized its crossing of 16 miles of federal land. The line still needs approval from the Federal Energy Regulatory Commission.
The short version
- The notice could let Oracle put off rent if the campus misses its 2028 target, people familiar with the matter told Bloomberg. Oracle is not trying to walk away, they said.
- Federal regulators' staff found on Sept. 4 that approving the pipeline would not significantly affect the environment. That finding is not a decision, and public comments on it close Oct. 5.
- New Mexico twice refused the line a route across state land. Energy Aspects said in August it expected the line to start in the second half of 2027 at the earliest, Bloomberg reported.
- Oracle's quarterly report shows $288 billion of lease commitments that had not started as of Aug. 31, substantially all for data centers. It names no data center site, Project Jupiter included.
- Separately, two Oracle executives sold $5.3 million of shares in September, $4.9 million of it under a trading plan. None of those filings mentions Project Jupiter.
Oracle sent its force majeure notice to Stack Infrastructure, a Blue Owl Capital unit that is one of the developers of Project Jupiter, Bloomberg and Reuters reported on Sept. 24.BloombergReuters The 1,400-acre AI data center campus is under construction in Santa Teresa, New Mexico, near El Paso, Texas, and Oracle is its main tenant.ReutersBloombergEl Paso Matters Doña Ana County approved up to $165 billion in bonds for the campus in September 2025, to be repaid by developer BorderPlex Digital Assets.El Paso MattersSearchlight NM
Force majeure clauses typically excuse a party from contract obligations when events beyond its control get in the way. Oracle cannot end the lease under any circumstances, a person familiar with the matter told Reuters.Reuters If the two sides agree the problem is a force majeure event tied to power commitments, Oracle could get three more years before rent starts, one of the people familiar with the matter told Bloomberg. Oracle would still pay other costs in the meantime and would owe rent for the whole lease term once payments begin, that person said. Bloomberg said it is not certain the move would free Oracle from its financial obligations, and it did not say when the notice was sent.Bloomberg
Under its contract, Oracle is responsible for securing the campus's power, according to a person familiar with the matter, Reuters reported.Reuters Project Jupiter is designed to run on fuel cells that use natural gas.Searchlight NM The pipeline meant to supply that gas still needs approval from the Federal Energy Regulatory Commission (FERC), and the fuel cells still need a state air-quality permit.Federal RegisterTechCrunch
Project Jupiter remains on our planned schedule.
Such notices "are commonplace in developments of this scale and are often used to preserve contractual rights," an Oracle spokesperson told Bloomberg. They "do not, by themselves, establish a project delay or change delivery expectations," the spokesperson said.Bloomberg Blue Owl said the notice does not change the project's financial commitments.TechCrunch
On Sept. 24, Oracle closed down 3.5% at $139.54. That was 57.5% below its record close, $328.33 on Sept. 10, 2025.Chart data Blue Owl fell 3.6%, and Bloom Energy, whose fuel cells the campus is to use, fell 3.1%.OWLBESearchlight NM
- 1Sept. 19, 2025 Doña Ana County approves up to $165 billion in bonds for the campus. Commissioners vote 4-1 for the industrial revenue bonds, which carry a property tax break.
- 2April 27, 2026 Oracle and BorderPlex switch the power plan to Bloom Energy fuel cells. The fuel cells replace gas turbines. Either way, the fuel is natural gas from a planned pipeline.
- 3July 14, 2026 New Mexico's land commissioner rejects Energy Transfer's request to reconsider. She had refused the pipeline's route across state trust land in March.
- 4Aug. 14, 2026 Transwestern moves the pipeline's target start to Feb. 1, 2027. It had been Aug. 15. Three days later the company proposes a route around the state land.
- 5Sept. 17, 2026 The New Mexico Supreme Court lifts its stay. It also rejects two environmental groups' petitions, so the air-quality permit process can resume.
- 6Sept. 24, 2026 Bloomberg reports the force majeure notice. Oracle closes down 3.5% at $139.54.
View the data (289 trading days)
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| 2026-09-24 | $139.54 | −3.5% |
| 2026-09-23 | $144.56 | −3.1% |
| 2026-09-22 | $149.20 | +0.4% |
| 2026-09-21 | $148.56 | +0.6% |
| 2026-09-18 | $147.61 | −2.0% |
| 2026-09-17 | $150.59 | +5.2% |
| 2026-09-16 | $143.16 | +2.0% |
| 2026-09-15 | $140.35 | −3.1% |
| 2026-09-14 | $144.79 | −3.7% |
| 2026-09-11 | $150.28 | −1.7% |
| 2026-09-10 | $152.94 | −5.4% |
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| 2026-08-31 | $149.12 | −1.1% |
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| 2026-08-27 | $151.94 | +2.1% |
| 2026-08-26 | $148.87 | +2.8% |
| 2026-08-25 | $144.76 | +1.6% |
| 2026-08-24 | $142.45 | −2.7% |
| 2026-08-21 | $146.47 | +3.1% |
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| 2026-08-11 | $145.48 | −3.7% |
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| 2026-07-24 | $114.99 | −4.2% |
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| 2026-07-22 | $125.84 | −1.0% |
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| 2025-12-19 | $191.97 | +6.6% |
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| 2025-12-17 | $178.46 | −5.4% |
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| 2025-12-12 | $189.97 | −4.5% |
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| 2025-12-10 | $223.01 | +0.7% |
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| 2025-11-12 | $226.99 | −3.9% |
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| 2025-11-05 | $250.31 | +0.9% |
| 2025-11-04 | $248.17 | −3.8% |
| 2025-11-03 | $257.85 | −1.8% |
| 2025-10-31 | $262.61 | +2.2% |
| 2025-10-30 | $256.89 | −6.7% |
| 2025-10-29 | $275.30 | −2.0% |
| 2025-10-28 | $280.83 | −0.2% |
| 2025-10-27 | $281.40 | −0.7% |
| 2025-10-24 | $283.33 | +1.2% |
| 2025-10-23 | $280.07 | +2.7% |
| 2025-10-22 | $272.66 | −0.9% |
| 2025-10-21 | $275.15 | −0.7% |
| 2025-10-20 | $277.18 | −4.9% |
| 2025-10-17 | $291.31 | −6.9% |
| 2025-10-16 | $313.00 | +3.1% |
| 2025-10-15 | $303.62 | +1.5% |
| 2025-10-14 | $299.00 | −2.9% |
| 2025-10-13 | $308.01 | +5.1% |
| 2025-10-10 | $292.96 | −1.3% |
| 2025-10-09 | $296.96 | +2.9% |
| 2025-10-08 | $288.63 | +1.5% |
| 2025-10-07 | $284.24 | −2.5% |
| 2025-10-06 | $291.59 | +1.9% |
| 2025-10-03 | $286.14 | −0.9% |
| 2025-10-02 | $288.78 | −0.1% |
| 2025-10-01 | $289.01 | +2.8% |
| 2025-09-30 | $281.24 | −0.5% |
| 2025-09-29 | $282.76 | −0.2% |
| 2025-09-26 | $283.46 | −2.7% |
| 2025-09-25 | $291.33 | −5.6% |
| 2025-09-24 | $308.46 | −1.7% |
| 2025-09-23 | $313.83 | −4.4% |
| 2025-09-22 | $328.15 | +6.3% |
| 2025-09-19 | $308.66 | +4.1% |
| 2025-09-18 | $296.62 | −1.6% |
| 2025-09-17 | $301.41 | −1.7% |
| 2025-09-16 | $306.65 | +1.5% |
| 2025-09-15 | $302.14 | +3.4% |
| 2025-09-12 | $292.18 | −5.1% |
| 2025-09-11 | $307.86 | −6.2% |
| 2025-09-10 | $328.33 | +35.9% |
| 2025-09-09 | $241.51 | +1.3% |
| 2025-09-08 | $238.48 | +2.4% |
| 2025-09-05 | $232.80 | +4.4% |
| 2025-09-04 | $223.00 | −0.2% |
| 2025-09-03 | $223.45 | −0.8% |
| 2025-09-02 | $225.30 | −0.4% |
| 2025-08-29 | $226.13 | −5.9% |
| 2025-08-28 | $240.32 | +1.9% |
| 2025-08-27 | $235.81 | +0.7% |
| 2025-08-26 | $234.21 | −0.5% |
| 2025-08-25 | $235.41 | −0.4% |
| 2025-08-22 | $236.37 | +1.4% |
| 2025-08-21 | $233.16 | −0.8% |
| 2025-08-20 | $235.06 | +0.2% |
| 2025-08-19 | $234.62 | −5.8% |
| 2025-08-18 | $249.07 | +0.3% |
| 2025-08-15 | $248.28 | +1.4% |
| 2025-08-14 | $244.96 | +0.3% |
| 2025-08-13 | $244.18 | −3.8% |
| 2025-08-12 | $253.86 | +0.5% |
| 2025-08-11 | $252.68 | +1.1% |
| 2025-08-08 | $250.05 | +0.3% |
| 2025-08-07 | $249.39 | −2.7% |
| 2025-08-06 | $256.43 | +0.3% |
| 2025-08-05 | $255.67 | +1.2% |
| 2025-08-04 | $252.53 | +3.3% |
| 2025-08-01 | $244.42 |
The stock jumped 36% on Sept. 10, 2025, the day after Oracle reported $455 billion of contracted revenue not yet recognized, up 359%.8-K Source: Tiingo end-of-day closes, as traded, via KeyVex.
What is holding up the gas supply
Project Jupiter's power plan changed in April, when Oracle and BorderPlex said the campus would use Bloom Energy fuel cells rather than gas turbines.Searchlight NM Either way, the fuel is natural gas, to be carried by a planned 17.8-mile pipeline from Energy Transfer's Transwestern unit.Federal RegisterState Land Office In May, the Interior Department authorized the pipeline's crossing of 16 miles of federal land in Doña Ana County.BLM That month, Oracle asked FERC to speed up its order on the line, saying "time is of the essence" and that any delay jeopardizes "the broader objectives of Project Jupiter," Bloomberg reported.Bloomberg
In March, New Mexico's commissioner of public lands, Stephanie Garcia Richard, rejected Energy Transfer's applications to cross state trust land with the line. In July she turned down a request to reconsider the 0.6-mile stretch at issue. Announcing that decision, she said the pipeline appears to offer "very little benefit" to the trust's beneficiary institutions, the local community or New Mexico as a whole.State Land Office
On Aug. 14, Transwestern told federal regulators that the line's target start had moved to Feb. 1, 2027, from Aug. 15, Bloomberg reported.Bloomberg Three days later, in an Aug. 17 letter, it proposed building part of the line on land managed by the U.S. Bureau of Land Management, avoiding the state land.Bloomberg
Josh Garcia, a senior North American gas analyst at Energy Aspects, said in August that the new Feb. 1 date "is probably not realistic," Bloomberg reported. His firm expected that the line "will not enter service until the second half of 2027 at the earliest" and that it "faces risk of cancellation if progress is not made in the coming months," he said.Bloomberg
The fuel cells also need an air-quality permit from the state Environment Department, which faces a November deadline to decide.TechCrunch That process was frozen from Aug. 23 until Sept. 17, when the New Mexico Supreme Court lifted its stay and rejected two environmental groups' petitions, allowing permitting to resume. As of Sept. 17, no new hearing officer had been named and no hearing date had been set.KVIAKSFR
1,400 acres in Santa Teresa, next to El Paso.
Up to 2.45 gigawatts of planned capacity, powered by Bloom Energy fuel cells.
Up to $165 billion in industrial revenue bonds approved by Doña Ana County in September 2025.
2028 target to come online.
Simplified map; not for distances. Sources: El Paso Matters; TechCrunch; Searchlight New Mexico; Reuters.
The money behind the campus
The bonds are industrial revenue bonds, approved 4-1 by county commissioners on Sept. 19, 2025, and they come with a property tax break.El Paso MattersSearchlight NM
About 20 banks provided an $18 billion loan to help fund construction, Bloomberg reported. Debt tied to the project was trading below 90 cents on the dollar, according to a person with knowledge of the matter cited by Bloomberg on Sept. 24. The notice does not constitute an event of default on the financing, one of the people told Bloomberg.Bloomberg
What Oracle's filings say
Oracle's quarterly report shows $288 billion of lease commitments that had not started as of Aug. 31, "substantially all related to data center arrangements," with terms of 15 to 19 years. They were generally expected to begin between the second quarter of fiscal 2027 and fiscal 2029, and none was on the balance sheet.10-Q The report, filed after the close on Sept. 11, gives those commitments only as a total and names no data center site. Neither it nor the annual proxy statement Oracle filed on Sept. 25 mentions Project Jupiter.10-QDEF 14A
Key dates
- Doña Ana County approves up to $165 billion in industrial revenue bonds, 4-1.EPM
- The State Land Office rejects the gas pipeline's route across state trust land.SLO
- Oracle and BorderPlex switch the power plan to Bloom Energy fuel cells.Searchlight
- The Interior Department authorizes the pipeline's crossing of 16 miles of federal land.BLM
- The land commissioner rejects Energy Transfer's request to reconsider.SLO
- Transwestern moves the pipeline's target start to Feb. 1, 2027, from Aug. 15.Bloomberg
- Transwestern proposes a route around the state land.Bloomberg
- The state Supreme Court pauses the air-permit proceeding and water use from a new well.KVIA
- FERC staff issue the pipeline's environmental assessment.Fed. Register
- Oracle's 10-Q shows $288 billion of lease commitments not yet started, substantially all for data centers.10-Q
- The state Supreme Court lifts its stay; permitting can resume.KVIA
- Bloomberg reports the force majeure notice.Bloomberg Oracle closes down 3.5% at $139.54.Chart data
Also in the filings: what Oracle insiders did
None of the filings cited in this section mentions Project Jupiter, and nothing in them ties these transactions to it. The quarterly report disclosed that Larry Ellison, Oracle's executive chair and chief technology officer, had adopted a trading plan on June 22. It would have let him sell up to 50 million Oracle shares, about $7.5 billion worth at the Sept. 11 close.10-Q The filing landed after the market closed on Friday, Sept. 11. The next day, Oracle announced that Ellison had canceled the plan and that no shares had been sold under it. He has no other plans to sell any of his Oracle stock, the company said. The announcement gave no reason.8-K SEC rules make an executive's trading plan wait at least 90 days after adoption before any sale, so the plan could not have sold a share before Sept. 21.SEC rule
Six Oracle executives received shares from restricted stock units that vested Sept. 15 to 20, according to their Form 4 filings, the reports company insiders file when their holdings change. In every case, Oracle withheld part of the shares to cover taxes.Form 4s Two of the six then sold shares on the open market:
- Co-chief executive Michael Sicilia sold 10,882 shares on Sept. 16 at $139.94. He sold 22,562 more on Sept. 22 at $151.59. The two sales came to about $4.9 million. Both filings say the sales were made under a Rule 10b5-1 trading plan he adopted on Dec. 24, 2025.Form 4Form 4
- Chief accounting officer Maria Smith sold 2,631 shares on Sept. 22 at $151.70, about $399,000. The shares came from units that vested Sept. 20, according to her Form 144, a notice of a planned sale, and her Form 4 does not indicate a trading plan.Form 144Form 4
The other four reported no open-market sales in those filings.
View the data
| Executive | Kept | Withheld for taxes | Sold on the open market | Vested | Filings |
|---|---|---|---|---|---|
| Clayton Magouyrk Co-chief executive | 116,030 | 75,284 | 0 | 191,314 | 2 Form 4s |
| Michael Sicilia Co-chief executive | 50,168 | 78,274 | 33,444 | 161,886 | Form 4 Form 4 |
| Mark Hura President, global field operations | 53,940 | 41,701 | 0 | 95,641 | 2 Form 4s |
| Jeffrey Henley Vice chairman | 37,232 | 28,981 | 0 | 66,213 | 2 Form 4s |
| Stuart Levey Chief legal officer | 25,094 | 22,128 | 0 | 47,222 | 2 Form 4s |
| Maria Smith Chief accounting officer | 11,998 | 15,979 | 2,631 | 30,608 | Form 4 Form 4 |
Of 592,884 vested shares, 294,462 were kept, 262,347 were withheld for taxes and 36,075 were sold. "Kept" means not withheld or sold in these filings. Source: 12 Form 4 filings, Sept. 17 and Sept. 23, 2026.
The paper trail
Oracle's SEC filings from Sept. 10 through Sept. 25, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Sept. 10, 4:16 p.m. | 8-K | Oracle | Quarterly results: revenue up 30% to $19.3 billion, remaining performance obligations of $664 billion. |
| Sept. 11, 4:10 p.m. | 10-Q | Oracle | $288 billion of lease commitments not yet started, substantially all data centers. Ellison's June 22 plan to sell up to 50 million shares. |
| Sept. 14, 6:01 a.m. | 8-K | Oracle | Ellison cancels the plan. No shares were sold under it. |
| Sept. 16, 9:35 a.m. | 144 | Michael Sicilia | Notice of a planned sale of 10,882 vested shares under a plan adopted Dec. 24, 2025. |
| Sept. 17, 8:25 p.m. | 4 | Michael Sicilia | Sold 10,882 shares at $139.94 on Sept. 16, under the plan. |
| Sept. 17, 8:26 p.m. | 4 | Maria Smith | Vesting and tax withholding only. |
| Sept. 22, 10:39 a.m. | 144 | Michael Sicilia | Notice of a planned sale of 22,562 vested shares under the same plan. |
| Sept. 22, 11:51 a.m. | 144 | Maria Smith | Notice of a planned sale of 2,631 shares that vested Sept. 20. No plan date listed. |
| Sept. 23, 7:19 p.m. | 4 | Michael Sicilia | Sold 22,562 shares at $151.59 on Sept. 22, under the plan. |
| Sept. 23, 7:22 p.m. | 4 | Maria Smith | Sold 2,631 shares at $151.70 on Sept. 22. No trading plan indicated. |
| Sept. 17 and 23 | 4 (x8) | Four other executives | Vesting and tax withholding only. No open-market sales. |
| Sept. 25, 4:05 p.m. | DEF 14A | Oracle | Annual proxy statement. It does not mention Project Jupiter. |
| Sept. 25, 4:10 p.m. | DEFA14A | Oracle | Notice that proxy materials are available for the Nov. 18 annual meeting. |
What to watch
Public comments close on FERC's environmental assessment of the pipeline.
New Mexico's Environment Department faces its deadline to rule on the fuel cells' air-quality permit.
The pipeline's target start, per Transwestern's Aug. 14 filing. Energy Aspects said in August it expected the second half of 2027 at the earliest.
Project Jupiter's target to come online, the date the notice turns on.
Sources
Public records
- Oracle Corp., Form 10-Q for the quarter ended Aug. 31, 2026SEC EDGAR · Sept. 11, 2026
- Oracle Corp., Form 8-K, Exhibit 99.1: Q1 fiscal 2027 resultsSEC EDGAR · Sept. 10, 2026
- Oracle Corp., Form 8-K, Exhibit 99.1: "Larry Ellison Cancels His Plan to Sell Oracle Stock"SEC EDGAR · Sept. 14, 2026
- Oracle Corp., Form 8-K, Exhibit 99.1: Q1 fiscal 2026 resultsSEC EDGAR · Sept. 9, 2025
- Oracle Corp., Schedule 14A definitive proxy statement (DEF 14A)SEC EDGAR · Sept. 25, 2026
- Oracle Corp., definitive additional proxy materials (DEFA14A)SEC EDGAR · Sept. 25, 2026
- Form 4, Michael D. SiciliaSEC EDGAR · Sept. 17, 2026
- Form 4, Michael D. SiciliaSEC EDGAR · Sept. 23, 2026
- Form 4, Maria SmithSEC EDGAR · Sept. 17, 2026
- Form 4, Maria SmithSEC EDGAR · Sept. 23, 2026
- Oracle Form 4 filings, including Magouyrk, Hura, Henley and LeveySEC EDGAR · Sept. 17 and 23, 2026
- Form 144, Michael D. SiciliaSEC EDGAR · Sept. 16, 2026
- Form 144, Michael D. SiciliaSEC EDGAR · Sept. 22, 2026
- Form 144, Maria SmithSEC EDGAR · Sept. 22, 2026
- Transwestern Pipeline Co.; Notice of Schedule for the Preparation of an Environmental Assessment for the Green Chile Project (Docket CP26-80)Federal Register (FERC) · July 29, 2026
- Transwestern Pipeline Co.; Notice of Availability of the Environmental Assessment for the Proposed Green Chile Project (Docket CP26-80)Federal Register (FERC) · Sept. 10, 2026
- "BLM issues rights-of-way for Green Chile Natural Gas Pipeline"U.S. Bureau of Land Management · May 6, 2026
- "Commissioner Garcia Richard Again Denies Request to Run Portion of Project Jupiter Pipeline Through State Lands"New Mexico State Land Office · July 15, 2026
Rules and references
- Rule 10b5-1 amendments: cooling-off periods for directors and officers (fact sheet)U.S. Securities and Exchange Commission · Dec. 2022
Reporting
- "Oracle Cites 'Force Majeure' to Shield Itself on Controversial Data Center" (updated version: the rent terms and the companies' statements appear only in the update)Bloomberg News · Sept. 24, 2026
- "Gas Pipeline for Proposed Oracle Data Center Delayed to 2027" (as syndicated)Bloomberg · Aug. 14, 2026
- "Oracle Data Center's Pipeline Plan Is Rerouted After Rejections" (as syndicated)Bloomberg · Aug. 18, 2026
- "Oracle triggers 'force majeure' on data center project over power delays, source says" (as syndicated)Reuters · Sept. 24, 2026
- "Oracle sends force majeure notice on its New Mexico Stargate data center"TechCrunch · Sept. 24, 2026
- New Mexico Supreme Court denies petitions on Project Jupiter air-quality permit, water useKVIA · Sept. 17, 2026
- New Mexico Supreme Court rejects 2 Project Jupiter challengesKSFR · Sept. 17, 2026
- "$165 billion Project Jupiter data center campus to move forward after tense vote"El Paso Matters · Sept. 19, 2025
- "Timeline: The evolution of Project Jupiter"Searchlight New Mexico · Sept. 2026
Data
- End-of-day prices for ORCL, OWL and BE, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Sept. 24, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for ORCLKeyVex · through Sept. 24, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. Every Oracle close in the chart's Story range is in its data table. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Oracle's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Oracle stock page, a selection of congressional trades, insider sales, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story. KeyVex stock pages chart dividend-adjusted closes, so older prices there read slightly lower.
- Insider dollar amounts are shares sold times the price reported on each Form 4.
- In the vesting chart, "kept" means vested shares that were neither withheld for taxes nor sold in the filings covered. It says nothing about later sales.
- Oracle's fiscal year ends May 31, so its first fiscal 2027 quarter ran from June through August 2026.