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PANDORA’S BOX
EVERYTHING GOT OUT. THE HOPE IS AT THE BOTTOM.
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THE ONE-WAY DOOR
An $18 billion AI campus is now waiting on a gas pipeline
Oracle sent the notice companies file when events outside their control get in the way. In New Mexico, the event is a pipeline route.
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The paper went out on Thursday. Oracle sent a force majeure notice to the developer of Project Jupiter, a Stargate data center campus in southern New Mexico. OpenAI is the customer the site is being built for.
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Oracle is not walking away. Under the lease it cannot, a person familiar with the deal told Reuters, and it still carries the debt costs. The notice buys room to push back rent if the campus misses its 2028 opening, Bloomberg reported.
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PAID PARTNERSHIP |
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At the current offering price of $1.10 per share, $1,001 buys approximately 910 shares of Green Coffee Company. Here is what those shares are exposure to.
▪ 45 Colombian coffee farms, consolidated into the largest producer in the country.
▪ Around 10 million coffee trees.
▪ Wet mills the company built and operates, handling more than one million pounds per week.
▪ A business that grew revenue from $1 million in 2021 to $26 million in 2025.
▪ Products that have already reached more than 3,000 retail locations.
▪ Exclusive third-party rights to Juan Valdez coffee products across U.S. and Canadian retail and institutional channels.
This is not a cafe concept waiting to open its first location. It is an operating business that controls the coffee from the farm to the cup.
It owns and operates the farms and the wet mills. It manages the logistics. A trusted partner roasts and packs to its specification.
The company is still private, so liquidity is limited and returns are never guaranteed. No accreditation is required and the minimum investment is $1,001.
Under Regulation A, a company may change its share price by up to 20% without requalifying the offering with the Securities and Exchange Commission.
Private investments are speculative and illiquid. Returns are not guaranteed. Review the offering circular before investing. |
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Here is the part that failed. A natural gas pipeline meant to fuel the site was due to start service this month. The New Mexico State Land Office rejected its route more than once, and the start date moved to February 1, 2027.
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$18 billion
IN BANK LOANS BEHIND ONE CAMPUS
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That money was lent against chips, buildings and a 2028 opening. The piece running late is a gas line across state land. |
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Wall Street caught the order of events at once. Oracle shares fell about 4% on Thursday. The company said the project remains on schedule.
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For two years the AI race was scored in chips. Thursday put a state permit on the scoreboard. Permits move at the speed of a public hearing, and this campus had already drawn lawsuits over water and air.
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The contracts are changing ahead of the headlines. A Quinn Emanuel lawyer told Reuters these contracts are changing fast. One written in January already looks very different from one written today. Power delays now get their own clause.
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You have heard the AI bubble call for two years, and it kept missing. This notice makes a narrower point. The buildings are going up; the open question is when the power arrives, and who pays while it does not.
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That question reaches you through the index fund in your 401(k), which leans on the same handful of AI builders.
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EVERY LEAD PASSES BEFORE IT RUNS
The One-Way-Door Test
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Can it be undone?
Oracle can withdraw the notice, and it says Jupiter is on schedule. The pipeline date has already moved to February 2027.
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Who is already repositioning?
Oracle says it is reworking the site’s power plan. Blue Owl says its commitments stand, and Energy Transfer waits on the state for its route.
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What does being late cost?
Oracle gave back about 4% in one session. The February 2027 pipeline date and the 2028 opening are the next two tests.
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THE MOVE · WHILE THERE IS STILL TIME
Pull up your 401(k) index fund’s fact sheet this week and read its top ten holdings. Write down the share held by the biggest AI builders, so the number is yours before the next power story.
If Jupiter opens on time in 2028, that concentration keeps paying, and selling now would miss it. The point is knowing your exposure, not dumping it. |
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ALSO GOT LOOSE TODAY
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Friday’s oil discount lasted one weekend. After Saturday’s rejection in Washington, Brent traded above $105 early Monday and West Texas crude near $93.20. |
WORLD |
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Friday brings the September jobs report, expected to show about 100,000 hires against 162,000 in August. Wednesday’s data also rewrites the government’s economic record back to 2021. |
WORK |
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The Social Security Administration announces the 2027 cost-of-living raise on October 14. September inflation, the last number in the formula, lands the same day. |
MONEY |
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WHAT’S LEFT AT THE BOTTOM
The weak link in the AI buildout turned out to be a permit you can read about in a state filing. You now hold two dates and one number of your own, and that is a head start. WE WATCH THE BOX.
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