About $18 billion in loans tied to Oracle-leased Project Jupiter data center in New Mexico have come under pressure, with syndicate banks including Santander and Jefferies quoting the debt at 89 to 91 cents on the dollar, the Financial Times reported. The 1,400-acre campus in Doña Ana County is part of Oracle’s broader agreement with OpenAI to provide AI computing capacity and received the financing from a bank consortium late last year to start construction. Efforts to distribute the debt to more investors have stalled amid concerns over Oracle’s rising borrowing and weakening creditworthiness, leaving banks with more project debt than initially planned. Local opposition over potential effects on water supplies and air quality could further complicate the project. Project Jupiter was initially planned to run on 2.2 gigawatts of gas turbines, but the state land office blocked a request for a natural-gas pipeline to the site. Oracle’s corporate credit rating is one notch above junk after S&P downgraded the company in July. The campus is also part of Stargate, a $500 billion U.S. AI infrastructure initiative led by OpenAI, SoftBank Group and Oracle. Oracle has forecast up to $95 billion in capital expenditure for fiscal 2027 and expects customers to repay up to $25 billion.