Oracle's Project Jupiter, an AI data-center campus in southern New Mexico, is reportedly being mothballed as financial pressure builds around its $18 billion syndicated loan. The loan is trading at 89 to 91 cents on the dollar after Oracle was downgraded to BBB- in July 2026, implying roughly $1.6 billion to $2 billion in market losses on the facility. Developed by Stack Infrastructure and BorderPlex Digital Assets for Oracle Cloud Infrastructure workloads, the 1,400-acre campus was also intended to support OpenAI through the broader Stargate initiative. Construction began in September 2025 and had reached about 26% completion by early September 2026, with thousands of workers on site and nearly $80 million in tax revenue generated for New Mexico by late July. The project includes four data-center buildings and a behind-the-meter microgrid using Bloom Energy solid-oxide fuel cells, designed to provide up to 2.45 GW after replacing earlier gas-turbine plans. Environmental opposition and permitting disputes delayed development until the New Mexico Supreme Court lifted key permit stays on September 17, 2026. Oracle and its partners have nevertheless said the project remains on track, citing community investment, renewables procurement and the court ruling.