Oracle’s Project Jupiter in New Mexico reportedly mothballed as $18B loan trades at steep discount

Oracle’s flagship AI data center project in southern New Mexico, known as Project Jupiter, is reportedly being mothballed as financial pressures mount around one of the largest infrastructure bets in the hyperscale computing race. The 1,400-acre campus in Doña Ana County, developed by Stack Infrastructure and BorderPlex Digital Assets to serve Oracle Cloud Infrastructure’s AI workloads, had been positioned as a cornerstone of the broader Stargate initiative tied to OpenAI. Now the project’s $18 billion syndicated loan is trading at 89-91 cents on the dollar, a discount that signals serious investor unease about whether this thing actually gets built. A project 26% finished with 100% of the problems Construction on Project Jupiter kicked off in September 2025, and by early September 2026 the site had reached roughly 26% completion. Thousands of construction workers were on-site, and the project had already generated nearly $80 million in tax revenue for New Mexico by late July 2026. The campus was designed to house four data center buildings powered by a behind-the-meter microgrid featuring Bloom Energy’s solid-oxide fuel cells, capable of delivering up to 2.45 GW of capacity. That ...