$18B of Debt on an Oracle-Leased Stargate Data Center Is Trading at 89 Cents on the Dollar

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Loans tied to the 1,400-acre 'Project Jupiter' campus in Doña Ana County, New Mexico, are being quoted at 89 to 91 cents by syndicate banks including Santander and Jefferies, well off par for healthy debt. The site is part of Oracle's capacity agreement with OpenAI under Stargate; efforts to syndicate the debt more broadly have stalled over Oracle's rising borrowing and weakening credit. Local opposition over water and air quality is compounding it, and New Mexico's state land office has blocked a natural gas pipeline to the site.